Physical count/Inventory taking
Scope identification
The assigned team will identify the
area targeted as a statistical prospect.
Committee formation by board
A team is assembled consisting of
both our accountants and officers from the
financial department.
Physical count form
A form is prepared to take note of
the inventory (Fixed assets, inventory, and safe
boxes)
Ledger balances comparison
Actual count is compared to the
previously owned balances.
Reports
Under supervision (monitoring) of
an internal auditor, results are presented to
management.
