Question

What is verification of assets what are its objects?

Answer 1

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I am here with your answer!

The object of verification is to satisfy the auditor as to existence, ownership, possession (in case of assets) or completeness (in case of liabilities), valuation and disclosure of items mentioned in the balance sheet.

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Answer 2

Verification of assets and its objective

Explanation:

Verification of asset is the process through which the auditor verifies and examines all the assets that appear in the books of account ( Balance sheet) . the list of assets which are verified includes plant and machinery, furniture and fixture vehicles etc.

Objective of verification

• being assure about the existence of all the assets mentioned in the books of account by auditor.
• physical verification also ensures the condition of assets.
• helps in avoiding damages in case of use of outdated assets.

Learn more:

Verification of assets- meaning and objective

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