Procedure for verification of goodwill and its valuation
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In 1600, queen Elizabeth 1 granted monopoly to East India Company for trade with East Indies. The first factory of the company was set up in Masulipatnam( present day machilipatnam, Krishna) in 1611. in 1612, it got permission from Mughal Emperor Jahangir to establish Factories in Surat.
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Verification means proving the correctness. One of the main work's of auditor is verification of assets and liabilities. ... It is a process by which the auditor satisfies himself not only about the actual existence, possession, ownership and the basis of valuation but also ensures that the assets are free from any charge.
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