We specialize in physical verification of assets, inventory verification, stock audits, store audits and mystery audits across all industry segments. We have more than 10 Lakh man-days experience in conducting audits and have PAN India Presence. Our experienced full-time auditing staff provide professional and personable service to ensure complete and accurate audit is conducted which consistently meets company own standard procedures and legal requirements.
Audits
Physical Verification of Assets — Fixed Assets
What is the Physical Verification of an Asset ?
Why is Physical Verification of Assets Important?
- Statutory compliance as per CARO 2020 (replaced earlier order under CARO 2016)
- Ensures the physical existence of assets
- Valuation and rectification for any accounting discrepancy
- Internal compliances of the organization
- Critical for continuous customer service
Inventory Verification
What are Inventory Audits?
Inventory audits check to ensure that financial records match a company’s inventory records and that those records align with a physical inventory count. As part of that physical count, employees go through every item in the warehouse, typically with the assistance of technology that adds up and records products on hand. Audits add another piece to this, bringing in a third party to confirm not only the quantity of inventory but also its quality and condition — and identify any instances of theft, damage, or misplacement.
Why are Inventory Audits Required?
Stocks are the most valuable asset for any business and also highly susceptible to pilferage, damage, expiry, and wastage . The objective of a Stock Audit is to ensure the existence, accuracy, ownership rights and also verify the realizable value of the items inthe company’s inventory. Accurate accounting of inventory is also essential to a robust bookkeeping system and MIS reporting. Since the inventory has a lot of movement during business days, the process of routine physical verification needs proper planning,resource mobilization and expertise.
Our team of experts can assist you in inventory verification and provide more insights into your stock, along with a proper reconciliation of the existing stock records.Through our inventory verification and valuation services, we identify the excess/shortage of materials in stock and identify the old/damaged materials in inventory. It helps the management to reduce wastage and losses arising due to damage or obsolescence stock.
Which Companies are Required to do Inventory Audit?
The Companies (Auditor’s Report) Order, 2016 (CARO 2016) also requires auditors to comment on “Whether physical verification of inventory has been conducted at reasonable intervals by the management and whether any material discrepancies were noticed and if so, whether they have been properly dealt with in the books of account”. Companies into manufacturing of any type of inventory must get their inventory periodically verified. Also, Companies having multiple distributors and retail outlets, must ascertain checks at all levels to know discrepancies if any.
Stock Audit
What are Stock Audits?
Stock audits check to ensure that financial records match a company’s stock records and that those records align with a physical stock count. As part of that physical count, employees go through every item in the warehouse, typically with the assistance of technology that adds up and records products on hand. Audits add another piece to this, bringing in a third party to confirm not only the quantity of stock but also its quality and condition — and identify any instances of theft, damage, or misplacement.
Why are Stock Audits Required?
Stocks are the most valuable asset for any business and also highly susceptible to pilferage, damage, expiry, and wastage. The objective of a Stock Audit is to ensure the existence, accuracy, ownership rights and also verify the realizable value of the items in the company’s inventory. Accurate accounting of stock is also essential to a robust bookkeeping system and MIS reporting. Since the stock has a lot of movement during business days, the process of routine physical verification needs proper planning, resource mobilization and expertise.
Our team of experts can assist you in stock verification and provide more insights into your stock, along with a proper reconciliation of the existing stock records. Through our stock verification and valuation services, we identify the excess/shortage of materials in stock and identify the old/damaged materials in inventory. It helps the management to reduce wastage and losses arising due to damage or obsolescence stock.
Which Companies are required to do Stock Audit?
The Companies (Auditor’s Report) Order, 2016 (CARO 2016) also requires auditors to comment on “Whether physical verification of stock has been conducted at reasonable intervals by the management and whether any material discrepancies were noticed and if so, whether they have been properly dealt with in the books of account”. Companies into manufacturing of any type of stock must get their stock periodically verified. Also, Companies having multiple distributors and retail outlets, must ascertain checks at all levels to know discrepancies if any.
Telecom Network Audit
We have been working with all major OEM’s for measuring and assessing the coverage, capacity and Quality of Service (QoS) of a mobile radio access network (RAN) . We have more than 5 years of experience in Drive Test PAN india.
Information Security Audit
We perform Information Security related assessments and audits in domains including Networking and Infrastructure. Our services inludes:
- Information Systems Audit
- Design & Review of Network
- Information Security and Risk Management
- Data Security Assessments
Store Audit
What is Store Audit ?
Store Audit is conducted to physically verify the stock count of merchandize available in store, how store layout and aesthetics can enhance customer experience, does the sales representative have adequate knowledge of the products sold, are all stock uniquely identifiable and also reconciliation of stock as per stock data with available stock count.
Why is Store Audit Important ?
A store audit is important because where there is a significant amount of human element involved, there are bound to be inefficiencies in the system. Therefore, periodic store audit is a requirement to ensure these inefficiencies are eliminated in a timely fashion. Also, how the store audit can help in better customer experience and whether the store is following all the organization standard procedures.
The benefits of a store audit:
- Identifying and solving inconsistencies in visual merchandising and brand compliance.
- Finding maintenance and operational issues.
- Closing the loop on task management and outstanding responsibilities.
- Creating and implementing new in-store processes and procedures.
Store Retail Audit Services
In-store retail audit help brands determine the direction and effectiveness of the retail strategy. As a renowned store audit company, Eminence Softech Pvt Ltd , our retail store audits are accurate and conducted thoroughly to be referred for studies, reconciliation, and important business decisions.
The retail audit strategy will unearth patterns and fulfill objectives that the in-store audit was undertaken for. As a retail audit company, we ensure that the on-field team is skilled, competent, and technologically savvy to adjust and bring out the best results with the provided resources.
Mystery Audit
Mystery Audit or Mystery Shopping is the process of reviewing a product or a place, like bank, commercial store, retail mall, hotel, restaurant, etc., by posing as a consumer or a customer. Mystery audit is conducted by companies to measure the quality of service, or compliance with regulation, or to gather specific information about their offerings.
Why are Mystery Audits Important?
The Mystery Shopping program ensures that all the benchmark is met, and it also monitors the consistency between locations. For Example: If a customer receives excellent service in one of the stores, he should receive the same level of service in other stores.
Eminence Softech Pvt Ltd compiles and analyzes data gathered from different locations to help their clients measure and improve their customer experience. Our Service benefits are:
- Our Mystery audit program helps to improve operational issues and service delivery statement plus maintain higher track record
- Retail Scan help to benchmark internal standards against those of competition
- Identify non-compliant areas
- Evaluate efficacy of training programs
- Monitor service delivery standards