Verification and Inspection
Verification and Inspection though seems to carry the same meaning, there is a subtle difference between the two, particularly in the context of records and inventory.
In verification, the focus is on comparing or vouching against pre-existing information or standards. For example, verifying records entails confirming their accuracy against established data or criteria.
On the other hand, inspection involves examining something first-hand without necessarily relying on pre-existing information or standards. When inspecting records or inventory, the focus is on direct observation and assessment.
If both the values are available to select from, it's important to consider the specific context and purpose of the activity, but if you only have one option available, go ahead and use it.
In effect, both are aimed at achieving quality control and in performing audit procedures in an engagement.
By CA L.Muralidharan and CPA L.Mukundan
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