Audit & Risk Advisory
Physical Verification Assignments
Physical verification of inventories is an important part of the company's internal controls over assets. It is intended to verify the accuracy of inventory records, and to assign the proper carrying value to that inventory, so that those assets are properly reflected in the financial records of the company. All organizations (manufacturing organizations, integrated units, and marketing organizations) are required to conduct an annual physical count of all inventories to verify actual inventory quantities and value and ensure the accuracy of related financial records.
We at My Office Accountant take up physical verification assignments for our clients related with stock, fixed assets and provide timely reports to the management.