Usually, the following procedure is followed in any Stock verification: 1. Preparing a programme of verification. 2. Getting approval from the appropriate authority. 3. Appointing the team of the verifier. In continuous stores verification, the staff is permanent and in fact, under this method, there is no appointment of the verifiers team. But in annual …
Following are the two methods of Stock Verification: 1. Annual Stores Verification. 2. Continuous Stores Verification. Annual Stock Verification Annual Stock Verification is also known as periodical stock verification. Under this method, the whole of the stock is verified (audited) at the end of a given period which, in normal circumstances, is the close of …
Stores lying in the store on a given date Known as stock. Thus stores and stock convey the same meanings in every sense of the term. Stock audit refers to physical verification of stock with the stores records maintained. Thus, the audit is nothing but verification if there is any, detection of those discrepancies, finding …
Stocks represent cash. They Should be stored, checked and valued periodically, specially at the end of a given period. The value of a stock is usually very much greater than the cash held at a time. It is, therefore, necessary to verify it from time to time in order to ensure that the materials purchased …