A stock audit is a systematic examination of a company's stock to ensure that the physical stock conforms with the recorded details in the books of accounts. It involves counting, verification, and confirmation of physically held inventory in warehouses or storehouses and reconciliation with internal accounts. The process identifies discrepancies, damages, pilferages, and slow and obsolete inventory. Whether you have an FMCG distribution network, a retail chain, or a manufacturing house, frequent stock audits can help eliminate operational wastages, fraud, and financial irregularities.
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