is the process of making valid the information on assets
for example for property, plant and equipment; confirming the existence, location and condition of the asset. Knowing what assets you have, where they are located, when they were purchased, if they are still in use, etc. is critical to any organization.
All private and public entities are required to conduct an annual physical count of all fixed assets to verify actual assets in hand and value and ensure the accuracy of related financial records.
Asset Verification is concerned with testing the truth, Asset Audit is incomplete without Asset verification, An auditor can check that items appearing in the balance sheet are correct. There are many techniques that can help the auditor to verify assets and liabilities. The assets are purchased to run a business properly.