goodwill

Verification Parameters of Contemporary Auditing

Verification Of Assets

For verification of any assets the auditor has to mainly check some general points, which are almost similar for all kinds of assets, still according to the name of the asset, the auditor verifies them in the following manner

The main parameters to verify the value of an asset are

  • Debtors
  • Goodwill
  • Trade Mark
  • Land and Buildings

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Verification Of Assets in Contemporary Auditing

  • by sadiq

Meaning Of Verification

It is the duty of the auditor that he specifically writes in his report whether the financial position of the organization represented in the Balance Sheet is proper or not. He must make sure that all the assets shown in the Balance Sheet are actually present with the organization or not, the organization has valued them properly or not, they are free from all kinds of mortgages, etc. or not. Similarly, he has ‘to make sure about all liabilities also. In this way, the auditor evaluates the assets and liabilities of the organization and verifies them, and this work of the auditor is called Verification.

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