Question

It is the ______ of the auditor to physically inspect the assets and their recording in the books of account and verify the legal and official documents.

• A. Duty
• B. Liability
• C. No duty
• D. None of above

Answer 1

The correct option is A Duty

It is the auditors responsibility to verify all the business transactions along with the verification of documentary evidence available. The main object of audit is to detect and prevent the frauds and provide the opinion on financial statements to ensure that it gives true and fair view of the accounts.

It is the duty of the auditor to verify physically the assets available along with the check on their legal and official records.