OBJECTS OF VERIFICATION

Following are the objects of verification of assets and liabilities.

1. To show correct valuation of assets and liabilities.

2. To know whether the balance sheet exhibits a true and fair view of the state of affairs of the business.

3. To find out the ownership and title of the assets.

4. To find out whether assets were in existence.

5. To detect frauds and errors, if any.

6. To find out whether there is an adequate internal control regarding acquisition, utilisation and disposal of assets.

7. To verify the arithmetic accuracy of the accounts.

8. To ensure that the assets have been recorded properly.