Verification of current assets in the audit of assets Introduction

Here
we consider some standard verification techniques for current assets including

·        
Stock and work in progress.
·        
Debtors
·        
Cash at bank and loans

The
basic assets verification techniques described above (CAVEBOP) apply to current
assets as much as to intangible and intangible assets.
However,
there are some specific techniques which relate to the audit of current assets,
particularly stock and work in progress, so it is necessary to describe these
particular techniques separately.
The
audit of current assets is often the subject of examination questions so
student must become familiar with the procedures relevant to each category of
asset.

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