If you control the inventory (stock), you can control the profits. Jitendra Chartered Accountants (JCA) provides the best stock audit services in Dubai to let companies have control over their inventories.
Stock or inventory is one of the most valuable assets of your company. However, it is vulnerable to pilferage, damage, expiry, wastage or fraud. Our inventory verification services in Dubai will help businesses minimize the loss of stock to a great extent.
JCA’s stock auditors in the UAE can provide assurance to the management that the inventory reflected in the financial statements can be trusted.
What is a Stock Audit in the UAE?
A stock audit or stock-taking in the UAE involves the process of physically checking the stock of goods at regular intervals. Inventory verification in the UAE is performed periodically, typically at the end of the financial year. JCA’s stock audits are performed by the best auditors in Dubai who are highly qualified and experienced.
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Chief Objective of Stock Audits
Businesses conduct stock-taking in the UAE to ensure the physical inventory is matching with the book stock. The inventory verification helps the management to properly adjust the differences and obsolescence before the year-end- financial audit in the UAE.
The main objectives of stock audit services in Dubai can be summarized as:
- Verify whether the inventory records are accurate
- Prove the existence of inventory
- Determine the realizable value of the stock
- Find out any fraud, theft or loss of goods
- Find out any weakness in the system
- Prepare the final accounts
Benefits of Stock Audit Services in the UAE
Taking stock of your inventory through JCA’s top auditors in Dubai will help you achieve the following benefits:
- Identify surplus/shortage of goods in the inventory
- Identify obsolete or damaged goods in the inventory
- Achieve better internal control over the stock-taking process
- Reduce wastage and losses resulting from fraud or damage
Our Role in Inventory Audits in the UAE
We have entrusted our best auditors in the UAE to carry out the stock audit. Inventory audit services in Dubai provided by JCA include the following elements:
- Presenting the physical count of the stock
- Identifying obsolete and damaged stock
- Stock reconciliation
- Marking of physically verified stock
- Inventory valuation
- Inventory accounting
- Inventory coding & categorization assistance
Our Strength as the Best Stock Auditors in Dubai, UAE
JCA is a leader in the UAE stock auditing landscape. Our strengths include:
- More than two decades of experience in the UAE
- A team of highly qualified Chartered Accountants
- Experience in a wide range of sectors and industries
- Highly trained staff
- Employs the latest technologies
- Timely reporting
- Customer-centric approach
- The highly reputed client base
- Good reputation before the government, banks and free zone authorities
Frequently Asked Questions (FAQs)
What are the major types of inventory?
The major types of inventory are raw material, work in progress and finished goods
What is inventory management?
Inventory management is the process of acquiring, using and storing the inventories of an entity. Inventory management is useful in tracking inventory levels.