The Auditor’s duty is not only vouching the entries appearing in the books because vouching cannot prove the existence of the related asset or liabilities at the balance sheet date. Vouching relates to confirmation of the correctness and authenticity of accounting entries as appeared in the books of accounts whereas verification confirms the existence, ownership and valuation of assets as appears in the balance sheet. To confirm that assets are properly accounted for in the books of accounts.īoth are considered to be same thing but there are lots of difference between vouching and verification. Proof regarding proper valuation of assets. It is confirmed that assets are free from any charge of lien. Legal and official documents relating to assets are checked to confirm the ownership of assets. Verification of assets and liabilities are done to confirm the following −įollowing are the objectives of Verification −Ĭonfirmation about the existence of assets through physical verification. Verification means the inspection of assets appearing in financial statements, whether the assets are according to legislation or not.
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