Question

In the balance sheet audit _____________.

• A. balance sheets of several year are audited
• B. audit is done at the end of the financial year
• C. verification of assets and liabilities is done
• D. none of the above

Answer 1

Answer: (C)

verification of assets and liabilities is done

Yearly statutory audit is termed as balance sheet audit. Balance Sheet Audit is done with a view to review all the items of Balance Sheet which includes all the assets and liabilities.

This includes physical verification and valuation of assets too.