Teaching UP TGT Mock Test Series 2025 Accounting and Auditing Financial Statements Analysis Auditing
With respect to verification, which of the following statements is INCORRECT?
1
The auditor should confirm that all assets of the company physically exist on the date of the Balance Sheet.
2
The auditor is not required to verify whether the asset is subject to any charge or lien.
3
The auditor has to verify that assets are in the possession of the company on the date of the Balance Sheet.
4
The auditor should find out whether any event after the date of the Balance Sheet has affected any items of assets and liabilities.