answersLogoWhite

0

verification is nothing but the existence, ownership & title of assets

where as valuation is the correct value of the assets & liabilities at the date of the balance sheet

User Avatar

Wiki User

12y ago

What else can I help you with?

Related Questions

Differences between audit plan and audit program?

difference between audit program audit & note book


Difference between social accounting and social audit?

Difference between social accounting and social audit?


What is the difference between statutory and non statutory audits?

what is the difference between statutory audit and non statutory audit.


What is difference between informal audit and formal audit?

[object Object]


Difference between audit plan and audit program?

an audit program may contain several audit plans


Difference between internal audit and internal control systems?

Distinguish between internal audit and internal control.


What is the main difference between public sector audit and private sector audit?

public sector audit is different from private sector audit


What is the difference between cost audit and management audit?

Mgt audit is not compulsory under the law .cost audit in certain industry ,it is legally compulsory


What is the difference between a safety audit and a safety insepction?

In may cases there is no difference between a Safety Audit and a Safety Inspection. Where there is one, it is because a particular company has specified that.


What is the Difference between HR audit And Financial Audit?

Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.


What is the difference between Audit and Inspection?

Dear Friends, I would like to answer the question as below: Inspection is an observation. Inspection is to examine closely any equipment or facility. It may be formal(with a plan and a check-list) or informal.Examples: 1. Inspection of a Fire Tender with a checklist for its operability, worthiness of its fire water pump , fire monitor etc.2. Inspection of the tank shell for finding any deformity, thinning etc. Audit is a process of evaluation and to measure performances that is based on Standards & Guidelines, identifies the compliance & non-compliance based on Standards and is neutral. There are three types of audit namely: 1) Legal Compliance Audit 2) Internal Standards Audit 3) System Audit Audit is the verification of a Process, a System or a Procedure. Examples:1. Audit of Firewater pump house. 2. Audit of a Process Plant 3. Audit of Quality Control Laboratory. Here the systems and processes are verified with respect to a documented procedure. Thus the audit of a quality control laboratory will involve the verification of the existence of the quality control procedure, sampling procedure, reporting procedure etc. Learn more about the difference between a home inspection and energy audit by visiting: http://jimbushart.wordpress.com/2012/06/14/difference-between-the-home-inspection-and-the-energy-audit/


Difference between continuous Audit and Periodical Audit?

The main difference in a continuous audit and a periodical audit is the amount of time an audit is done. A continuous audit is done many times throughout the year and a periodical is performed once a year. A continuous audit is also expensive because of the amount of time spent doing it.