STOCK VERIFICATION

I N O.F O R G A N I S A T I O N
By
B.L. Sree Ramara,
JWM/Admin
OFILMK
General Introduction.
DGOF/ S V Group and S V Group under
G Ms control.

What is Stock Verification?

Purpose of Stock Verification.

 Respnsibilities of S V Group
• Programme approval from O F Board,
Allocation of verification work to staff.
• To carryout the stock verification and
complete all items within stipulated time.
• To update and circulate the instructions recd.
From OF Board and connected agencies.
• Send reports qnd returns to O F Board
periodically in time.
• Suggest management/ sections regarding
settlement of discrepancies.
 Items to be verified
• Stock
• General Inventory
• Machinery/Capital
• Roads and Buildings
• Library Books
• Trees
• Electrical/Fans
• Medical/ Pharmacy Etc.
* (Except finished stores of production)
 Method of verification
• Management’s responsibility to get 100%
items verified by S V Group. Management
should provide manpower and equipment
required by S V Group for verification.
• Provide the list of capital items, ‘A’ category
and high value.
• Every section in the unit has to provide the
list of different types of inventory the section
is holding.
• Verification should be carried out only in the
presence of management representative.
 Method of verification (Contd)
• Registers and Forms to be used for different
inventory.
• Verification should be carried out at least
once in a year.
• Verification of ‘A’ (maximum consuming
items) category items should be carried out
before November of the current year.
• Verification of high value items should be
carried out twice in a year (above one lakh).
 Method of verification (Contd.)
• Verification of the items received after January can
be carried out within 12 months .
• Verification of items which are pilferable, pinchable,
theftable, ’A’ category, more attractive and high
value can be carried out more frequently than other
items.
• Stock sheet is use for verification of stock item.
• For other items General Sheet is used.
• Nil bin cards, slow moving and non moving items.
• Log book and A/C’s Office.
• Internal verification by local management./sections.
 Discrepancies and Settlement.
• Why discrepancies do occur ?
– Production procedure
– Improper preservation
– Misplace
– Improper documentation
– Procedural lapse
– Not making Tr.voucher/ entries/updation
Condemnation Return voucher etc.
– Theft, Fraud & Negligence
 Reports
• Progress report is sent every month,
every quarter qnd annual.
• Individual progress report is sent every
month, every quarter and annual.
• Discrepancy report is sent every quarter
qnd annual giving all details like value of
the discrepant item, period of
discrepancy, reasons for not settlement
etc. etc..