Inventory audits check to ensure that financial records match a company’s inventory records and that those records align with a physical inventory count. As part of that physical count, employees go through every item in the warehouse, typically with the assistance of technology that adds up and records products on hand. Audits add another piece to this, bringing in a third party to confirm not only the quantity of inventory but also its quality and condition — and identify any instances of theft, damage, or misplacement. Why are Inventory Audits Required? Stocks are the most valuable asset for any business and also highly susceptible to pilferage, damage, expiry, and wastage . The objective of a Stock Audit is to ensure the existence, accuracy, ownership rights and also verify the realizable value of the items inthe company’s inventory. Accurate accounting of inventory is also essential to a robust bookkeeping system and MIS reporting. Since the inventory has a lot of movement during business days, the process of routine physical verification needs proper planning, resource mobilization and expertise. Our team of experts can assist you in inventory verification and provide more insights into your stock, along with a proper reconciliation of the existing stock records. Through our inventory verification and valuation services, we identify the excess/shortage of materials in stock and identify the old/damaged materials in inventory. It helps the management to reduce wastage and losses arising due to damage or obsolescence stock.