You have been appointed as an auditor of XYZ Ltd. What steps you will follow in verification of Assets ? Explain.

Verification of assets involves the following steps: Enquiry into the value placed on assets; Examination of the ownership and title deeds of assets; Physical inspection of the tangible assets; and Confirmations regarding the charge on assets; Ensuring that the assets are disclosed, classified and presented in accordance with recognized accounting policies and legal requirements. The scope of verification is wide and consequently verification is an important part of the auditor's duties. An auditor should put all his endeavour to satisfy himself whether a particular asset is shown in the Balance Sheet at proper value, whether the concern holds the title to the asset and the asset is in the sole possession of the concern and lastly whether the asset is free from any charge