The correct answer is (i), (ii), (iii) and (iv) Key Points Verification of assets: It is an activity performed by the auditor in the process of auditing where he verifies the value, ownership, existence, possession of the assets under the name of the company. He also checks whether the assets are placed as collateral security for acquiring finance Important Points Objectives of Verification of Assets Ensure that the assets were in existence on the date of the balance sheet. Ensure that the right of ownership of the assets vested in or belonged to the undertaking. Ensure that they are free from any lien or charge, not disclosed in the balance sheet. Ensure that the assets are in possession of the rightful owner. Ensure that asset values are correctly disclosed in the balance sheet. Ensure that they are correctly valued having regard to their physical condition. Additional Information Lien on assets: A lien is a legal right of a lender on the assets of the borrower when the assets are placed as collateral security in acquiring the loan. The borrower/owner cannot sell the property that is the subject of a lien without the permission of the lien holder.