Question

Verification Indicates the
a) Examine the journal and ledgers
b) Examine the assets related to vouchers
c) Examine the assets existence and valuation
d) Calculating of asset value​

Answer 1

Answer:

Explanation:

Verification means "proving the truth" or "confirmation". Verification is an auditing process in which an auditor satisfies himself with the actual existence of assets and liabilities appearing in the Statement of Financial Position. Thus, verification includes verifying: The existence of the assets and liabilities.

Answer 2

Answer:

d) Examine the assets' existence and valuation

Explanation:

Verification is in simple terms means to provide correctness. Verification of liabilities and assets is the core job of an auditor. An auditor gives the accurate existence of assets and their valuation.

The rules of Verification:

• The valuation of assets has to be shown correctly by the auditor.

• In the balance sheet, the title and the owner of the assets are to be declared.

• During verification, detection of errors and frauds can be done.

• Arithmetical accuracy can be certified during verification.

• The exact and true financial state or position can be concluded from the balance sheet during the process of verification.

The real position of a company in terms of finances is determined during verification.

#SPJ6