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With respect to verification, which of the following statements is INCORRECT?

With respect to verification, which of the following statements is INCORRECT? Correct Answer The auditor is not required to verify whether the asset is subject to any charge or lien.

The incorrect statement is the auditor is not required to verify whether the asset is subject to any charge or lien.

Key Points

Verification is a method of auditing in which the auditor confirms the truth of all assets and liabilities shown in the balance sheet. It is not proper on the part of the auditor to give his report without proper checking.

Auditor's duty regarding verification

  • Ensuring the existence of assets.
  • Legal ownership and possession of assets.
  • Ensuring proper valuation of assets.
  • Ensuring the assets are free from any charge.

Related Questions

In the question below, are given a statement followed by three courses of actions numbered I, II and III. On the basis of the information given, you have to assume everything in the statement to be true, and then decide which of the suggested course of action logically follow (s) for pursuing. Statement: Reliance Jio Infocomm, the most recent entrant in India’s telecom service sector, may be more adversely affected by the Supreme Court order curbing the use of Aadhaar than older rivals Vodafone Idea and Bharti Airtel. The apex court order disallowing telcos from using the faster Aadhaar-based verification system could slow the pace of subscriber additions significantly, potentially delaying the company’s plan to acquire a 50% revenue market share. The Mukesh Ambani-owned telco has been adding many more subscribers every month than its rivals.  Courses of action: I. Jio’s gross customer additions could decline in the coming months as the verification process will henceforth be a more cumbersome affair, which could also be a turn-off for potential new users who’ve been lately used to instant connectivity under the Aadhaar-based enrolment mechanism.  II. Customer verification expenses will increase in step with the volume of customer acquisition of telcos and so, stronger the monthly user additions, higher the associated verification costs.  III. The more tedious verification process henceforth is also likely to slow down the processing of porting requests from customers.
Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason(R). Considering (A) and (R) in the light of logical positivism and select the correct answer.
Assertion (A) According to the principle of verification 'meaning of a proposition is the mode of its verification'.
Reason (R) All the statements which could neither be verified nor falsified by experience are meaningful.
Consider the following statements in respect of slow sand filter and rapid sand filter: 1. The two filters differ in respect of the standards regarding the non-uniformity of the sand used in their filtering media. 2. The two filters do not differ in respect of the effective size of the sand used in them. 3. The two filters differ in respect of their respective under-drainage system. 4. The two filters differ in respect of their respective rate of filtration. Which of the above statements are correct? 
Consider the following statements with reference to logical positivism and mark the correct answer:
1. Strong verification requires that to be meaningful a statement should be verifiable or falsifiable by direct confrontation with experience.
2. Logical positivism employs verifiability as the criterion of meaning.
3. Strong verification requires both direct and indirect methods of verifiability.
Verification involves being able to confirm that HACCP elements are working properly. Which of the following is NOT a method used for verification?
The Human Resource Development Ministry and the External Affairs Ministry launched an online verification portal ___________ to make the document verification process easier.
Statement I: The scope of valuation is wider than verification.
Statement II: Valuation is done after vouching but before verification.
Consider the following statements: The armature reaction mmf in a dc machine is: 1. Stationery with respect to the field 2. Rotating with respect to the field poles 3. Rotating with respect to the armature Which of these statements are correct?
Consider the following statements:
1. Parliament shall, while a proclamation of Emergency is in operation, have the power to make laws of the whole or any part of territory of India with respect to any of the matters enumerated in the list
2. Parliament has exclusive power to make any law with respect to any matter not enumerated in the Concurrent List or State List
3. Parliament has power to make any law for the whole or any part of the territory of India for implementing any treaty, agreement, or convention with any other country
4. Parliament has power to legislate with respect to a matter in the State List in the national interest subject to the resolution passed by the Council of States by two-thirds majority
Which of these statements are correct?
Consider the following statements about the residuary powers of the legislations:
1. The Parliament has exclusive power to make any law with respect to any matter not enumerated in List II or List III.
2. State Legislatures have exclusive power to make any law with respect to any matter enumerated in List-II.
3. The Parliament as well as State Legislatures have exclusive power to make any law with respect to any matter not enumerated in List II or List III.
Which of the statements given above is/are correct?