Physical verification is the process of checking, measuring and recording the stock that is actually present, and comparing it with the stock shown in records.
AimFind what is missing and how much loss has occurred.
Who asks for it
- Banks and lenders
Who finance stock.
- Auditors
Checking the value of stock on a balance sheet.
- Traders and buyers
Confirming what has been delivered.
- Plant owners
Looking for weak points in stores control.
How a check works
- 01
Measure the material before unloading, for example the top surface of material in a wagon.
- 02
Measure the empty wagon or record the ground before stocking.
- 03
Measure the stocked pile.
- 04
Compute volumes separately, convert to weight with measured density, and compare.
What the report states
- Quantities
- Date and method
- Drawings
- Scope of the check
- Any limits
Not includedIt does not give a legal opinion on ownership or quality of the material.
