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 6 Verification of Assets and liabilities BASIC CONCEPTS Verification –  Verification is a process to verify the ownership, valuation, possession and existence of a particular Asset or liability.  Verification establishes the correspondence of actual facts or details with those represented in accounts.  Verification relates to the assets and liabilities appearing in the balance sheet.  Verification is generally carried out at the end of year.  To confirms the existence, ownership, possession, completeness, valuation and disclosure of items relating to balance sheet.  Verification is based on observation as well as documentary examination.  Verification requires experienced people and done by the senior staff.  Ve rification include s valuation Question 1 Comment on the “The cash-book showed a huge cash balance on hand consistently throughout the year”. Answer Maintenance of huge cash balance : Cash balance is maintained to meet the day to day operational needs of an organisation. So the auditor has to perform audit procedures particularly having regard to the fact that maintaining such huge balance is highly prone to misappropriation and other forms of fraud.  A c c o rd in g ly , if th e en tit y is cons is te n tly ma in ta in in g h u g e c as h b a la n c e , w h ic h i s n o t ju s tif ie d by its operational requirement needs, the Guidance Note on Audit of Cash and Bank Balances recommends that the auditor should carry out surprise verification of cash more frequently to ascertain whether the actual cash-on-hand agrees with the balance as shown by the books. © The Institute of Chartered Accountants of India

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