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The objectives of an auditor with regard to the verification of assets include: (i) Assets exist: The auditor's objective is to confirm that the assets recorded in the financial statements actually exist and are tangible assets that can be verified. (ii) Assets belong to the client: The auditor aims to ensure that the assets are owned by the client and not by any other entity or individual. This involves verifying legal ownership and title to the assets. (iii) Assets are in possession of the client: The auditor's objective is to confirm that the assets are physically in the possession of the client and not held by any third party. (iv) Assets are not subject to undisclosed encumbrances or liens: The auditor seeks to determine whether there are any undisclosed encumbrances or liens on the assets, such as mortgages, pledges, or other forms of security interests that could affect the client's ownership or rights over the assets.
Lack of civic-mindedness or of patriotism
There was no room to swing a cat in the party.
Crocodile tears
Economists argue about a lot of things, yet many would probably see eye to eye on the benefits of free trade, which generates wealth by allow...
Select the correct meaning of the given idiom.
On a roll
A bed of roses
In each question below, a sentence is given with an idiom/phrase printed in bold type. That part may contain a grammatical error. Each sentence is follo...
She can’t keep her head above water with all of the new orders.
A formal expression of disapproval
We are on talks with several Indian companies for setting up a joint venture to provide the full range of post-guarantee maintenance and repair servic...