IMPORTANT OF STOCKTAKING AND VERIFICATION IN GOVERNMENT STORES

IMPORTANT OF STOCKTAKING AND VERIFICATION IN GOVERNMENT STORES

CHAPTER ONE
INTRODUCTION
It is not exaggeration to say that stocktaking and verification is an important exercise in which every organization out write to be successful must embark on. This issue, stocktaking and verification are not restricted only to business sectors and are no longer a new exercise for it has been as old as mankind.
as life is important to mankind, so also stock is important to every organization. more so, materials or items in stock are life-blood of any organization. with regard to this, Obuseh (2007) noted that to manage materials is to manage the life of an organization that can be successful without adequate management of stocks to have this, there mist be a need for proper stocktaking and verification at the stipulated time.
Meanwhile, stocktaking and verification is an exercise in which any organization must not look down on. if actually, success in their target.

1.1 GENERAL OVERVIEW 
According to Morrison (1982), stocktaking is a complete process of verifying the quantity balance of the entire range of items held in stock. stocktaking can be further said to be the check of stock of materials and components in store with a view to check the balance as shown on the stock records with the physical stocks in the bin/rack and with the looks of account by valuation. Similarly, Verification has to do with physical check on stock to show that it is accurate. this kind of exercise is usually carried out on a regular basis unlike the stocktaking which is being planned before embarking on the exercise.
It is worthy to note that stocktaking and verification is very imperative to every organization. The reason behind this is that since stock represent money, it demands thus, adequate and strct control for the achievement of the organization objectives or goals which has to do with minimizing cost while maximizing profit.
This study, stocktaking and verification in government stores is mainly narrowed down to the ministry of health, Owerri. This ministry was one of the eastern central state to owerri, capital of Enugu State when it was created, 1976 government technical college along Mbaise road was where it was located then. Then after being there from 1976-1997, it was moved to another site at Orlu road secretariat owerri.
In 2005, during Udenwa regime, the ministry was finally relocated to its permanent site at new secretariat in Port Hacourt road, new owerri. The ministry comprises three divisions namely; Medical division, Pharmacy division and Public health division. Currently, the Honourable Commissioner of health of Owerri is Dr. VincentS Udogu, while the Permanent Secretary is Dr. Mrs. Nkem Onumaguru and (DAF) Director of Administrative Finance is the person of Mr. Mbadiegwu.
Under this ministry, there are eight functional departments namely; Public health/ Primary health Care, Nursery Service, Vector control/ Laboratory Service, Administration and Finance(DPRO) Development planning research and Statistics, Accounting Administration and Medical Service department. In the organization of the ministry, supplies division is attached to the administration/finance department.
To this effect, the purchasing of every necessary material and storing of them are the responsibility of this department hence store department is under it.
The supplies division on itself is made up of Principal store officer1, Principal store Officer 11, Service store Officer, Store Officer, Store Keepers and Stores Attendants. Each of the above officers has its own role to play in this sector.
To crown it all, stocktaking and verification in the ministry of health owerri is being carried out by supplied division under administration/finance department.

1.2 STATEMENT OF PROBLEM
It is true that stocktaking and verification are very important yet there are still problems associated with it.
The problems are as follows
1. Lack of trained purchasing personnel in the organization. Most organization see stocktaking activity as what anybody can do without knowing that it require professionalism.
2. Stocktaking and Verification exercise is expensive because it requires many staff within and outside the store’s organization of the ministry. More so, overtime for weekend working can be very expensive.
3. Another major problem is the effect of discrepancies. discrepancies are carried over for a long period of time before such is discovered. This would be very difficult to amend because stocktaking exercise is carried out in the ministry periodically.
4. When stocktaking and verification activities take place, it requires a complete closure of store thereby disrupting the activities of the storehouse at that point in time.

IMPORTANT OF STOCKTAKING AND VERIFICATION IN GOVERNMENT STORES