Verification and Valuation of Assets and Liabilities - Auditing & Secretarial Practice
The auditor has a crucial role in verifying and valuing the assets and liabilities of a company to ensure their accuracy and reliability. Here are the key duties of auditors regarding valuation and verification:

Verification of Assets:
- The auditor must physically verify the existence of assets such as inventory, equipment, and investments to ensure they are accurately recorded in the financial statements.
- Confirming ownership of assets by examining title deeds, registration documents, and other relevant legal documents.
- Checking the valuation of assets to ensure they are recorded at their fair market value in accordance with accounting standards.

Valuation of Liabilities:
- Reviewing the accuracy of liabilities such as loans, accounts payable, and other obligations to ensure they are correctly stated in the financial statements.
- Assessing the completeness of liabilities by verifying outstanding invoices, contracts, and agreements.
- Evaluating the appropriateness of the valuation methods used for liabilities to ensure compliance with accounting principles.

Documentation and Disclosure:
- Maintaining detailed working papers to support the verification and valuation of assets and liabilities.
- Disclosing any discrepancies or issues found during the audit process in the audit report to provide transparency to stakeholders.
- Providing recommendations for improvements in the valuation and verification processes to enhance the accuracy and reliability of the financial statements.
In conclusion, auditors play a vital role in verifying and valuing assets and liabilities to provide assurance to stakeholders about the financial health and performance of the company. By following proper audit procedures and standards, auditors can help ensure the integrity and credibility of the financial information presented in the company's financial statements.