Auditing · Vouching and Verification
Select the INCORRECT option in respect of vouching and verification.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Vouching verifies the validity of transactions, whereas verification confirms the existence and ownership of the balance sheet items.
- 2Vouching is related to transactions recorded in books, whereas verification relates to assets and liabilities.
- 3Generally, vouching is done throughout the year, and verification is carried out at the end of the year for audit.
- 4Vouching includes valuation, whereas verification does not include valuation.✓
Correct answer
Vouching includes valuation, whereas verification does not include valuation.
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