Distinguish between 'vouching' and 'verification'.

Verification is made on the basis of vouching. So, verification is a part of vouching. Even though they have some differences which are as follows: Meaning: Verification is the act of checking title, possession and valuation of assets but vouching is the act of checking the records with the help of evidential documents. Nature: Verification is specially related to the assets and liabilities but vouching is related to all the accounting documents. Person: Generally, assistant staff or auditor performs the work of vouching but auditor himself performs the work of verification. Time: Vouching is made at the beginning of auditing but verification is made at the end of auditing or at the time of checking balance sheet.