Statutory Auditors are required to comment on internal control established by the company on fixed assets and inventory in the audit report. Further the internal control and audit of any entity requires that the Fixed Assets and Inventories are appropriated tagged and counted.
Regular fixed asset and inventory count has its advantages like,
- Better internal control and accountability.
- Compliances with internal guidelines and laws & regulation.
- Informed decision making w.r.t. procurement and investment.
- Working capital management.
- Timely updation of records
Large corporations have operations at different locations. As a result the fixed assets and inventories are located at spread out locations. This requires a strong and competent team to undertake the physical verification and counting at same time at different locations.
We have a strong support team who can facilitate this process. Our team is having varied experience for different industries and are equipped with the industry differences such as inventory batches in pharmaceutical industry, casting lots in metal industry, etc. the detailed report is shared at the end of the activity completion which would also provide insights for improvement over existing systems for facilitation of quick identification of stock for future purpose.