Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) Accounting and Auditing Financial Statements Analysis Auditing
Which of the following statements is NOT correct regarding the duties of an auditor?
1
Physical verification of fixed assets is primarily the responsibility of the auditor
2
Ownership of fixed assets should be verified by examining the title deed by the auditor
3
Auditor should ascertain that the assets are in the possession of the client
4
The auditor should satisfy himself that the assets have been valued in the financial statements according to the accounting principles