Discuss the Objects of Verification of Assets.

List of main objects of verification of Assets:

Existence of fixed assets and liabilities: The, most important object of verification is to satisfy the auditor by the fact that the assets and liabilities represented by the Balance Sheet actually exist with the organization at the day of the closing of the Balance Sheet.

Correct valuation of assets and liabilities: The auditor has to ascertain whether the assets or liabilities have been shown in the Balance Sheet at their correct value.

Ownership of the enterprise on the assets: The auditor should certify the ownership and title of the assets appearing in the Balance Sheet of the organization.

Clarification of possession on the assets: Ownership and possession are two different things. If the organization owns any particular asset but does not possess it, the asset will not belong to the firm.

Control over frauds and irregularities: With the help of Verification, it is easily known whether there is a fraud or irregularities regarding the assets and liabilities.

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