• Auditing stock is the process of cross-checking stock as per the books of accounts with physical stock available. Since financial documentation and records are produced internally by the company’s staff there is a risk that records can be manipulated, or insiders can make mistakes. Auditing ensures that these mistakes are prevented. The audit also ensures that entities are complying with relevant accounting standards such as IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles).    

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Internal & External Audit

An internally prepared management report is often not relied upon by external parties. In addition, management may also want the accounts reviewed by an external party to assess the accuracy of internal accounts. As a result, an audit is important under the company’s article of association and for management satisfaction.