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Stock Verification

Stock Verification. Sources Accounts Code Vol 1 Stores Code Vol 2 Handouts of Sh R N Verma ( FA & CAO (W&S), WR ). S tock V erification. Concept Need Aims Quantitative Qualitative. Agencies for s tock v erification. (1) Accounts Department ASVs under ISAs (2) Executive Department

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Stock Verification

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  1. Stock Verification Sources Accounts Code Vol 1 Stores Code Vol 2 Handouts of Sh R N Verma (FA&CAO (W&S), WR)

  2. Stock Verification • Concept • Need • Aims • Quantitative • Qualitative

  3. Agencies for stock verification • (1) Accounts Department • ASVs under ISAs • (2) Executive Department • Nominated

  4. Frequency of stock verification • As per Stores Code vol 2, Para 3202 • Category A items – once in 6 months • Category B items – once in one year • Category C items – once in two years • Annual schedule • As prepared by ISA

  5. Physical Verification of Stores • Carried out by ASVs • Completion report • Supported by narrative report • Excess/unnecessary procurement of stores • FIFO • Over-stocks/non-moved/nil items • AAC

  6. Stock Sheet • Discrepancies between records and actuals • The admissible percentage of shrinkages • Prepared in duplicate • Accounts copy • Executive copy

  7. Disposal of stock sheet • Explanation by the executive • Explanationsrepresent facts • Clear, intelligible and definite • Excessesare not manipulated • Responsibility is fixed • accounts Notes

  8. Conclusion • Stock verification ensures: - • The proper, efficient and effective maintenance & use of materials in the stock,and • The accountability in the system.

  9. Thank You

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