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Vouching and verification relevant questions

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Pravin Solanki

14 Points Posted on 09 April 2022

when assets opening balance available on 10cr and additional assets purchased for this year 10 cr and year and balance 20.
my issue is that balance in check in audit then this includes in vouching or verification of assets..

Replies (2)

Quick Summary

This discussion clarifies the process of vouching and verifying assets during an audit. It highlights that while physical verification of assets is mandatory for companies, it's the client's responsibility. Auditors must then verify the client's records, including checking vouchers for newly acquired assets to confirm ownership, timing, and value, adhering to AS 10 guidelines.

ALAMELU.N.N

student

258 Points Posted on 10 April 2022

If you are doing for company then physical verification is mandatory. However it is to be done by the client and you need to verify the records to ensure its correctness. You need to check vouchers of the assets acquired in current year to ascertain ownership, period, value et