For many businesses, stocktake is treated as an accounting task. Count the stock. Reconcile the numbers. Make an adjustment in the accounts. Move on. For a growing business, that approach misses much of the risk. Inventory can represent a significant investment of working capital. It can also be one of the areas most vulnerable to error, theft, obsolescence, poor controls and inaccurate reporting. Stocktake governance matters beyond accounting. A stocktake therefore tells the

For a growing business, the words "your financial statements now need to be audited" can create an immediate sense of panic. Until this point, the business may have operated successfully with a relatively lean finance function. The accounts are prepared, tax returns are lodged, management reports are produced and the owners understand the numbers. Then the business reaches a size or structure where its reporting obligations change. For example, a proprietary company is genera