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STOCK TAKING, STOCK CHECKING AND STOCK AUDITING
Stock Taking is the process of verification of quantities and conditions of gods on periodic basis, laboratory stock levels should be appropriate for the lab. They should not be too high or too low. High stock levels will result in undue amount of money being spent, greater risk of deterioration and damage, while low level will endanger supplies needed immediately for use and may demand impromptu purchase hence implying high prices.
Stock Checking is similar to stock taking but it it’s mainly concerned with the verification of the suitability of the chemicals and even the operation of the equipment in the lab. Stock checking helps to confirm whether the chemicals in stock are expired or deteriorating it also checks whether the lab equipment’s e.g. balances , incubators , microscopes etc. are working as desired or faulty.
Stock Auditing is the actual verification of value of stock in monetary terms. It’s a process that is normally done by hiring an external agency. These helps in preparing auditing report.