[Solved] Object of verification of assets

Object of verification of assets

a) Physical verification of assets

b) Checking value of assets

c) Examining the authority of their acquisition

d) All of the above

Answer: (d) The object of verification is to satisfy the auditor as to existence, ownership, possession (in case of assets) or completeness (in case of liabilities), valuation and disclosure of items mentioned in the balance sheet.

More MCQ and Answers on Auditing

  1. Management audit means
  2. Systems audit implies
  3. Internal audit means
  4. Internal audit is
  5. Detection of errors and fraud in audit is  
  6. Internal auditor is appointed and removed by the  
  7. The object of internal check is to
  8. Effective internal check system reduces
  9. Internal check is a part of
  10. The objective of internal audit is

Comments