Inventory and Inspection Visits
Objectives of inventory as per Cl. 1.4 of Methodical Guidelines on Property Inventory and Financial Liabilities approved by the Order No.49 of the Ministry of Finance of the Russian Federation dated 13 June 1995 are as follows:
- To identify actual availability of property.
- To compare the obtained data on actual availability of property with accounting records.
- To check if transactions related to property and financial liabilities are correct and complete.
When do you need inventory?
Inventory is mandatory:
- When the property is let, bought out, sold, as well as if a state or a municipal enterprise becomes a unitary one.
- Before preparation of annual financial statements.
- If inventory custodians change.
- If theft, abuse or damage to the property have been detected.
- During the organisation’s reorganisation or winding up.
- In other cases stipulated by the legislation of the Russian Federation.
What is inventory for?
- Understanding of whether all economic transactions are documented and specified in accounting records.
- Verification of whether all required clarifications and corrections have been made.
- Understanding of a real property status of the organisation.
- An opportunity to identify disagreement with accounting records.
Where do we record the results of inventory and inspection visits?
Following the results of inspection visits or inventory, our specialists will present a written progress report and detected violations in physical terms and in terms of value.
Quality of Inventory and Inspection Visits by Sterngoff Audit
In the course of inspection visits our employees, inter alia:
- Identify abuses, their reasons, and develop measures to eliminate them.
- Developed guidelines on carrying out of inventory and inspection visits in relation to assets and liabilities.