What is the purpose of inventory audit?

You know what it is, how does it work and what are the objectives of inventory audit?

In this content, the Audilink explains what is an inventory audit and presents the main objectives of this type. of control and management tool.

What is a stock audit?

The stock audit is the process of physical verification of the stock and its comparison with the registry mentioned in the accounting books and in the management and control systems.

Inspection of stock must confirm the amount of stock as well as its quality and condition to see if the stock value is genuinely mentioned in records and systems.

With audit activities in stocks Managers can know the exact quantitative of each item or asset in stock, as well as their respective values.

What is the difference between internal and external audit of inventories?

When we talk about inventory audit, we need to highlight the main characteristics and differences in internal and external audits, check out:

Internal audit: As the name suggests, the internal audit of inventories is carried out by employees of the company itself, among them, those responsible for the management and control of inventories.

According to good inventory management practices, those responsible for this sector should conduct periodic counts and inventories to confront the physical stock, with the quantities recorded in the systems.

This type of activity helps companies avoid deviations, know the exact quantitative of each item in stock and get greater assertiveness in the purchase and replacement operations of items.

External audit: External audit, is carried out through professionals and independent audit firms certified and specialized contracted for this purpose.

The external auditors confer records and the quantitative of inventory items and any nonconformities harmful to the business of the contracting company.

When the audit is made regularly, the chances of errors and nonconformities are reduced and accuracy increases.

Main Audit Audit Objectives?

Of the main objectives of the inventory audit, we can highlight:

• Condition the amount of items in stock;
• Identify possible deviations from products and stock inputs;
• confront the physical stock with records in the system;
• verify that the stock value is correctly evaluated;
• organize the entry and output documents of assets and products;
• determine if the stock value is compatible with the financial statements;
• meet the requirements of the tax and legislation in force.

  Inventory Audit and Block H of Fiscal Sped

  In addition to being important for the management of the company, control and inventory audit can avoid problems with the taxable.

  Companies required to transmit to Digital tax Bookkeeping (EFD) must report to the IRS through the H block the position of your physical inventory of stock, including code, quantity and value of products in stock.

  It is important to note that obligated companies that fail to send the H block in Fiscal SPED or send the same with divergent information shall be subject to fines and penalties.