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hi , verification and vouching, are they identical terms in auditing please?

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January 15th 2016 AN ACCA USER 1,810 Points

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I am currently working as an auditor in an Indian Auditing Firm.
Therefore i could very well reply with full responsibility that verification and vouching arent Identical.
Because Verification is an much broader concept than Vouching, Vouching could be called as a part of Verification but not vice versa.
Vouching is just checking through invoices that all the items in profit and loss account are recorded accurately on the basis of invoices/bills received by the client. It is an year round process which could be performed by the audit clerks.
Whereas verification means “to verify” the assets and liabilities of the business. It is performed by the auditors mainly at the end of financial year to confirm the ownership, possession, existence, valuation and disclosure of the items appearing on the Balance Sheet.

January 16th 2016 AN ACCA USER 14,370 Points
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