Audit library / 06 Inventory and stock counts
Inventory and Stock Counts Audit Kit
A complete, ready-to-use audit plan for inventory existence, stock counts, costing and valuation. 16 procedures in 7 phases, each showing what to do, the assertion, the risk and the evidence to obtain.
- Step-by-step guide on how to use the plan
- 16 audit procedures, from planning to sign-off
- Covers stock count attendance, count results and listing, costing and valuation, cut-off and ownership and fraud red flags
- Status and result dropdowns with an automatic progress tracker
- Fillable PDF version you can complete on screen
- Full English and Arabic versions (4 files)
Preview the checklist
Here are the first procedures from the kit. Buy the kit to unlock everything.
| Ref | Procedure | Assertion | Status | Result |
|---|---|---|---|---|
| A. Planning and understanding | ||||
| A1 | Understand inventory flows: purchasing, receiving, storage, issues to production or sales, and the costing method (FIFO or weighted average).Risk: Inventory risks not identified. | Controls | Not started ▾ | |
| A2 | Perform analytical review: inventory days, gross margin by product and slow-moving trends against prior year.Risk: Obsolete stock or costing errors not detected. | Accuracy & valuation | Not started ▾ | |
| B. Stock count attendance | ||||
| B1 | Review count instructions before the year-end stock count: teams, cut-off, tagging, counting of damaged items and recount procedures.Risk: Poorly planned count produces unreliable quantities. | Controls | Not started ▾ | |
| B2 | Attend the count: perform test counts from floor to sheet and from sheet to floor, and observe that counters follow instructions.Risk: Recorded stock does not exist, or existing stock is omitted. | Existence | Not started ▾ | |
| B3 | Record the last goods received and issued documents at count date for cut-off testing.Risk: Stock movements recorded in the wrong period. | Cut-off | Not started ▾ | |
| B4 | Identify damaged, expired or slow-moving items during the count and note them for valuation testing.Risk: Obsolete stock carried at full cost. | Accuracy & valuation | Not started ▾ | |
10 more procedures are inside the full kit
Plus the step-by-step guide, dropdowns, progress tracker and the fillable PDF.
Get it freeRefund policy
These are digital files and are non-refundable. If you bought the wrong product, email [email protected] with your order number to request the right one, and we will send it to you by email. Free downloads need no payment.
Interested in this product?
Leave your email and we will tell you if a discount or a new version comes out. No spam, and you can unsubscribe at any time.