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.
Read about Verification Parameters
Read More »Verification Of Assets in Contemporary Auditing