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The process of auditing is done through a set of rules and regulations as per the companies' act 2013.
Advantages of stock Auditing:
★ Stock audit is necessary to reduce unnecessary investments on stocks and to ensure that you have a proper line balancing in the process.
★ It helps to keep a track of the inventory to avoid any shortage and overstocking of the material. Also, the process of inventory management becomes easier in case the company is dealing with various vendors.
★ Stock audit enables the true picture of the financial position of the company as the stock that requires replacement or repairment can be worked on efficiently thereby saving the company from any kind of financial loss.
★ Stock Audit helps in cross verifications of the stock of the company having multiple business locations.