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Physical verification of goods is an essential audit process that helps in ensuring the accuracy of inventory records. This audit process involves a thorough check of the physical count of goods or inventory in a warehouse, stockroom, or storage facility. It is conducted to ensure that the physical count matches the inventory records and to identify any discrepancies, theft, or damage to the goods
The auditor needs to plan the audit process, including determining the scope, the frequency, and the team responsible for conducting the audit.
.The auditor needs to prepare a checklist of items to be audited, such as the type of goods, the location, and the quantity.
.The auditor performs a physical count of the goods, verifying the quantity, quality, and condition of the goods.
.The auditor reconciles the physical count with the inventory records to identify any discrepancies.
.The auditor prepares a report outlining the results of the physical verification of goods, including any discrepancies, damages, or theft identified.
.A complete and accurate inventory record of the goods to be audited.
An understanding of the organization's inventory management system.
A team responsible for conducting the audit.
A report outlining the results of the physical verification of goods.
A recommendation on how to address any discrepancies, damages, or theft identified during the audit.
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