Stock Audit Services in Dubai, UAE

Stock is one of the most significant assets of a company. In the supply chain process, inventory management safeguards business from stockouts controls deliveries to multiple locations and keeps accurate records. It is essential for each small, medium or large enterprise to effectively manage its stockpiles. The United Arab Emirates government-imposed authoritarian laws and regulations on the inventory verification process. That is why it is advisable for each entity to outsource expert stock audit services in Dubai and save earrings from non-compliance penalties.

What is Stock / Inventory Verification?

The stock audit can also be described as inventory verification. Inventory control is a daily business activity, but sometimes management is incapable of regulating proper stock recording and verification as per audit laws. To conquer this problem, businesses prefer to hire professional audit firms in UAE to prove the accuracy, maintenance, and ownership of stocks. The inventory audit’s main purpose is to gain a better understanding of current stock inventory and to reconcile existing stock records.

Scope of Stock Audit Services in Dubai

The stock audit is conducted to analyze a company’s inventory level with their recorded stock books. It ensures that inventory financial records are accurately kept in the database of accounting software. A business deals with multiple types of stocks such as fast-moving stock, slow-moving stock, damaged stock, dead stocks, and obsolete stock. That is why the stock verification process should be applied to organizations once a year or twice a year to appropriately manage this stock classification. It is usually performed for banks and financial institutions on behalf of their corporate clients who have used those stocks to secure loans.

During the inventory verification process, the inventory will be checked for expired, old, or damaged material as well. Our stock audit service in Dubai also ensures both an excess and a shortage of materials in the inventory. We verify the statistics of your stock and help management to save inventories from damage and fraud.

Main Aspects of Inventory Verification

Inventory accuracy is also vital to a robust bookkeeping system and MIS reports. These are the main aspects of the stock audit report in the United Arab Emirates, as follows:

  • Inventory accounting
  • Stockpile reconciliation
  • Physical stock reporting
  • Inventory Valuation
  • Stock Evaluation
  • Inventory coding
  • Inventory categorization

How to Audit Inventory in Emirates?

A stock verification process in the United Arab Emirates needs proper planning, expertise, and knowledge of audit laws. There are some essential things we notice while doing a stock audit in Dubai and other Emirates. We prepare and evaluate stock age, suitability, movement, purchase & market price, direct & indirect cost of inventories. In this way, the company’s items are guaranteed to exist, to be accurate, and to be owned by the rightful owner.

stock audit services

Our Stock Audit Services in Dubai, UAE ensure compliance with the International Accounting Standards 2 for your inventory verification. As per IAS 2, inventories should be measured at a lower cost and net realizable value (NRV). It guides the acceptable methods of determining cost, including specific identification (in some cases), accounts for most types of inventory, first-in-first-out (FIFO), and weighted average cost. The purpose of IAS 2 is to determine the cost of inventories, cost formulas for stock calculations, accounting solutions for inventories, and recognizing expenses including NRV.

Stock / Inventory Audit Procedures

Inventory moves often on business days, making routine physical verification a struggle for organizations. The company or a third-party auditor can perform a stock audit in Dubai, UAE to identify any problems with an organization’s inventory storage and accounting methods. They fully assist you with mandatory audit procedures for inventory control and verification. The management may choose an audit process or the auditors suggest a suitable one for inventory audit. The list is mentioned below:

  • Cutoff analysis
  • Physical inventory count
  • Analytical procedures
  • ABC analysis
  • Freight cost analysis
  • Finished goods cost analysis
  • Overhead analysis
  • Reconciling items
  • Match invoices to shipping log

Choose BestaxCA for Stock Audit Services in Dubai

Bestax Chartered Accountants and business advisors assist small and large enterprises with accounting and auditing services in Dubai. We are associated with the country’s top auditor to help you in the tax audit, internal audit, liquidation audit, and stock/ inventory audit services in UAE. Our team is well qualified enough to manage your small volume inventory as well as large volume stock as per regulatory requirements. We expertly verify your physical stocks with the recorded inventories in software. They classify and rearrange stock categories if needed, identify loopholes in existing inventory management, and recommend the best solutions. BestaxCA helps you gain a better understanding of your stock portfolio, in addition to a proper reconciliation of stock accounts. Get the best stock audit services in Dubai and be sure that your inventory is accurate and up to date. Contact us

Email: info@bestaxca.com
Call: +971 56 7981808