Continuous stocktaking
Continuous stocktaking counts selected inventory items throughout the year on a planned cycle rather than relying only on one complete year-end count. It allows discrepancies to be investigated while evidence is recent and can focus more frequent checks on high-risk items. It usually complements perpetual inventory records but is a physical-count method, not merely a system that records every movement continuously.
Worked example
A warehouse counts high-value items monthly and lower-risk items quarterly, investigating differences between the count and the stores records each time.
Common mistake
Do not equate perpetual records with continuous counting: software updates do not themselves verify physical existence.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | MA | Direct | September 2026–June 2027 |
| FIA | FMA | Direct | September 2026–June 2027 |