Effective handling of inventory is one of the essential components of managing any goods related business. Frequent checking can assist in maintaining stock records (being correct) and not letting any discrepancies pass unnoticed. It is here where inventory audit procedures become significant. There are many ways to approach auditing, but physical and perpetual audits are…
Tag: internal audit of inventory management process
Inventory Process Audit
Receipt of Material & Quality Checks Review of the gate entry for the incoming material in the inward gate register. Ensure that the weighment / Counting of the incoming material is made properly and correctly at the receiving section. Verify that stamp / acknowledgement of the receipt of the incoming material. The remark should indicate…