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What does ver...

Question

What does verification of assets involve?

A

Physical verification

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B

Verification of their proper values

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C

Verifying that assets are free from any charge

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D

All the above

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Solution

The correct option is D All the above
Verification of assets has to be conducted by the auditor while conducting the balance sheet audit. Verification of assets involve the physical verification of assets, valuation of the assets and ensuring that the assets are free from any charge.

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Similar questions

Q. Verification of assets involve __________.

Q. Verification of assets is done to ascertain :
(X) Existence of asset
(Y) Ownership of asset
(Z) Possession of asset

Q. Verification of assets in case of auditing is the work of __________.

Q. Tick mark the correct answer.
Physical verification of fixed assets is the primary responsibility of the___________.

Q. The auditor is generally expected to carry out the following in a particular serial:
1. Verification of Assets and Liabilities
2. Vouching of transactions
3. Checking of valuation of Assets and Liabilities.
Select the correct answer from the codes given below.

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