Inventory is intended in a phased manner to compile audit evidence and ensure the correctness of account balances. Obtain accurate stock inventory in order to support the audit opinion and ensure correct balances of accounts at the end of the financial year and are free of any distortions or material errors. You can reduce the workload of your internal audit team by assigning inventory and verification of inventory to an external company The team with qualified experience and who has the accounting practice.
Receiving detailed analysis of the current state of stocks and the percentage of units that are lost, damaged or defective. Determine the direction of change in stock size and adjust the production or supply management process to reduce the cost of storage. Evaluate whether the application of the supply-side approach or other inventory management methodology maximizes revenue and profitability.
Identify deficiencies in stock control procedures and develop solutions that help increase inventory protection and reduce loss. Analysis of the causes of loss or damage to inventories based on past period data and the introduction of control measures to reduce risk. Familiarity with the method of protection of assets from abuse, either by directing or offering the assets by keeping the stock in warehouses by the competent warehouse secretary.
Calculate the volume of investment and the cash flows needed to achieve the desired returns from assets. Determine the return on the optimal investment of fixed assets based on the existing economic conditions and the rate of return on investment prevailing in the market.
Develop depreciation tables for fixed assets according to accounting standards and government tax legislation. Determine the most appropriate method to calculate the depreciation of the equipment to calculate the book value of the assets and the optimum taxable profit