Verification means "proving the truth" or "

confirmation In Christian denominations that practice infant baptism, confirmation is seen as the sealing of the covenant (religion), covenant created in baptism. Those being confirmed are known as confirmands. For adults, it is an wikt:affirmation, affirma ...

". Verification is an

auditing An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing ...

process in which auditor satisfy himself with the actual existence of

asset In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that ca ...

s and liabilities appearing in the

Statement of Financial position In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business ...

.http://accountlearning.blogspot.com/2012/02/concept-of-verification-and-valuation.html Definition of Verification Verification is usually conducted through examination of existence, ownership, title, possession, proper valuation and presence of any charge of lien over

s. Thus, verification includes verifying: # The existence of the

s and liabilities. # Legal ownership and possession of the

s # Correct valuation, and # Ascertaining that the

is free from any charge Verification in an audit process can be done offsite or onsite. Offsite verification means verification by checking documents, official records, photos and by questioning staff responsible or otherwise trusted to be a reliable source for the facility in verification. Onsite verification means the verifying party is physically visiting the facility, getting introduced into due facts about it on the site where the facility is located and operated. The process may be regulated by law in certain countries.

Objectives

Objectives of Verification are: # To show correct valuation of

s and liabilities. # To know whether the

balance sheet In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a busine ...

exhibits a true and fair view of the state of affairs of the business # To find out the ownership and title of the assets # To find out whether

s were in existence # To detect frauds and errors, if any # To find out whether there is an adequate internal control regarding acquisition, utilization and disposal of

s. # To verify the arithmetic accuracy of the accounts # To ensure that the

s have been recorded properly # To know whether the assets are mentioned above is used in the company

References

{{Reflist Auditing terms