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Which of the following statements is NOT correct regarding the duties of an auditor? 

Which of the following statements is NOT correct regarding the duties of an auditor?  Correct Answer Physical verification of fixed assets is primarily the responsibility of the auditor

Audit:

  1. Audit, as it exists today, is the result of the Industrial Revolution in the 18th century. 
  2. The word 'audit' is derived from the Latin word 'audire' which means 'to hear'. 
  3. Auditing is the systematic and scientific examination of the books of accounts and records of a business to enable the auditor to satisfy himself that the Balance Sheet and the Profit and Loss Account are properly drawn up so as to exhibit a true and fair view of the financial state of affairs of the business and profit or loss for the financial period. 

Some of the duties of an auditor:

  • Verifying ownership of fixed assets by examining the title deed by the auditor,
  • ascertaining that the assets are in the possession of the client, 
  • satisfying himself that the assets have been valued in the financial statements according to the accounting principles, etc.

Physical verification of fixed assets is primarily the responsibility of the Management. 

Therefore, Physical verification of fixed assets is primarily the responsibility of the auditor is NOT correct regarding the duties of an auditor.

Related Questions

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