Interim & Annual Physical Counts
Have your inventory counted at interim periods to gather audit evidence and ensure corresponding account balances are reliable. Receive accurate annual counts of your inventory to support audit opinions and test whether your year-end balances are free from material misstatements. Reduce your internal audit staff’s workload by outsourcing periodic inventory counts to highly skilled accounting practitioners.
Inventory Data Analysis
Receive a detailed analysis on the current state of your inventory and the percentage of obsolete, damaged or spoiled units. Identify trends in inventory volumes and adjust production or supply chain management processes to reduce warehouse costs. Evaluate whether just-in-time inventory solutions and other inventory methodologies are maximizing your revenues and profits.
Inventory Security & Risk Analysis
Identify deficiencies in inventory control procedures and develop solutions to increase security and reduce loss. Analyze the potential for lost or damaged inventory based on prior period data and create control procedures to mitigate risk. Learn how to protect your assets from misappropriation through careful storage of inventory in warehouses by designated custodians.
Calculate the amount of upfront investment and cash flows needed to generate a favorable return on your assets. Identify the optimal rate of return on fixed assets based off of current economic conditions and the market rate of return.
Create depreciation schedules for your fixed assets in accordance to accounting standards and government tax legislation. Identify the optimal method to use when depreciating your equipment to optimize your book and taxable income.