The correct answer is D. All of the above.
The main objective of verification of assets is to ensure that the assets are physically present, that their values are accurate, and that they were acquired with proper authorization.
Physical verification of assets involves checking the existence of assets and their condition. This can be done by inspecting the assets, reviewing documentation, or taking inventory.
Checking the values of assets involves determining the fair market value of the assets. This can be done by using market data, appraisals, or other methods.
Examining the authority of their acquisition involves determining whether the assets were acquired with proper authorization. This can be done by reviewing purchase orders, contracts, or other documentation.
Verification of assets is an important part of internal control. It helps to ensure that the company’s assets are protected and that its financial statements are accurate.