Physical store verification of the stock is necessary for the following reasons:
- To support the value of stock shown in the balance sheet through physical verification.
- To verify the accuracy of stock records.
- To disclose the possibility of fraud, theft or loss or deterioration.
- To reveal the weakness of the system, if any
Stock verification is necessary because:
- It minimizes pilferage & fraudulent practices
- It ensures accuracy & usefulness of documents.
- It brings about a reconciliation of the stock records and documents.
- It identifies areas for more disciplined document control.
- It backs up the balance sheet stock figures for store verification being the task of the material audit department.
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