Retail Sector Audit

Retail Sector Audit

If you're a retailer, you need precise record keeping and robust internal controls.

Stan Professionals

India is the world's fifth largest retail destination. The sector accounts for 10% of India's GDP, making it critical for our economy.

Owing to our professional experience in this space, we can handle assignments at any scale, throughout the country.

A typical retail audit has three major facets:

  1. Operations
    • Checking for adherence to SOPs (standard operating procedures) and internal guidelines
    • Identifying gaps in internal controls and recommending improvement measures
    • Identifying redundant processes
    • Identifying areas of loss/leakage, and recommending ways of plugging them
    • Conducting root cause analysis for non-compliances
    • Auditing for statutory compliances (like business licenses)
  2. Inventory
    • Plan and execute wall-to-wall stock takings at client locations
    • Plan and execute cycle count takings at the required frequency
    • Conducting root cause analysis for differences between actual and book inventory
    • Recommend improvements in inventory control processes
  3. Fixed Assets
    • Tag, count and value all fixed assets
    • Perform periodic fixed asset audit
    • Recommend improvements in standard procedures and internal controls

Our team can help you with inventory control, reverse logistics, cash and bank management, sales accounting, purchase accounting, and compliances.

If you’d like our help – write to us or schedule a virtual meeting.