Audit library / 06 Inventory and stock counts
Inventory and Stock Counts Audit Kit
A complete, ready-to-use audit plan for inventory existence, stock counts, costing and valuation. 16 procedures in 7 phases, each showing what to do, the assertion, the risk and the evidence to obtain.
- Step-by-step guide on how to use the plan
- 16 audit procedures, from planning to sign-off
- Covers stock count attendance, count results and listing, costing and valuation, cut-off and ownership and fraud red flags
- Status and result dropdowns with an automatic progress tracker
- Fillable PDF version you can complete on screen
- Full English and Arabic versions (4 files)
Preview the checklist
Here are the first procedures from the kit. Buy the kit to unlock everything.
| Ref | Procedure | Assertion | Status | Result |
|---|---|---|---|---|
| A. Planning and understanding | ||||
| A1 | Understand inventory flows: purchasing, receiving, storage, issues to production or sales, and the costing method (FIFO or weighted average).Risk: Inventory risks not identified. | Controls | Not started ▾ | |
| A2 | Perform analytical review: inventory days, gross margin by product and slow-moving trends against prior year.Risk: Obsolete stock or costing errors not detected. | Accuracy & valuation | Not started ▾ | |
| B. Stock count attendance | ||||
| B1 | Review count instructions before the year-end stock count: teams, cut-off, tagging, counting of damaged items and recount procedures.Risk: Poorly planned count produces unreliable quantities. | Controls | Not started ▾ | |
| B2 | Attend the count: perform test counts from floor to sheet and from sheet to floor, and observe that counters follow instructions.Risk: Recorded stock does not exist, or existing stock is omitted. | Existence | Not started ▾ | |
| B3 | Record the last goods received and issued documents at count date for cut-off testing.Risk: Stock movements recorded in the wrong period. | Cut-off | Not started ▾ | |
| B4 | Identify damaged, expired or slow-moving items during the count and note them for valuation testing.Risk: Obsolete stock carried at full cost. | Accuracy & valuation | Not started ▾ | |
10 more procedures are inside the full kit
Plus the step-by-step guide, dropdowns, progress tracker and the fillable PDF.
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