Inventory Audit

Inventory often represents a significant investment and a key area of operational risk. An inventory audit provides assurance over the existence, valuation, and control of stock. At MSM Chris & Associates, we conduct inventory audits with a clear focus on accuracy, control, and accountability. Our work goes beyond counting stock — we look at how inventory is recorded, safeguarded, and managed.

We take time to understand the nature of the inventory, storage locations, movement processes, and record-keeping systems. This allows us to identify discrepancies, control weaknesses, and process gaps that can lead to losses or misstatements. Our approach is practical and evidence-based, designed to support both financial reporting and day-to-day operational control.

Our Inventory Audit Services Cover

• Physical verification of inventory at warehouses, stores, or project sites
• Reconciliation of physical counts to inventory records
• Review of inventory valuation methods and costing
• Assessment of controls over inventory movement and storage
• Identification of slow-moving, obsolete, or damaged stock

Inventory audits are carefully planned to minimise disruption to operations. Counts and reviews are conducted systematically, with clear documentation and agreed procedures. Findings are discussed with management to ensure clarity and to support timely corrective action. Our reports clearly set out discrepancies identified, control observations, and practical recommendations to improve inventory management and reporting.