Difference Between Vouching And Verification
The main dissimilarities or difference between vouching and verification can be pointed out as follows:
1. Meaning
Vouching: Examination of financial transactions of the organization in order to ensure the accuracy and validity
Verification: Examination of assets and liabilities of the firm to ensure the correctness of balance sheet
2. Checking Of
Vouching: It is a checking of receipts, bank statements and vouchers of the business firm
Verification: It is a checking of balance sheet
3. Related To
Vouching: It is related to the financial transactions of the company
Verification: Assets and liabilities of the company
4. Performed By
Vouching: It is performed by auditor's staff
Verification: It is performed by an auditor himself
5. Purpose
Vouching: To ensure the accuracy of the books of accounts
Verification: To ensure the ownership and existence of balance sheet items
Also Read
6. Time
Vouching: It is performed before auditing
Verification: It is performed at the end of accounting period
Vouching Vs Verification (Comparison Chart)
I hope this post is helpful to understand the difference between vouching and verification and to make comparison between them.
Vouching Vs Verification (Comparison Chart)
Basis For Difference
|
Vouching
|
Verification
|
Introduction
|
Examination of financial transactions of business
|
Examination of assets and liabilities of the business
|
Checking Of
|
Receipts, vouchers and bank statements
|
Balance sheet
|
Related To
|
Monetary transactions
|
Assets and liabilities
|
Performed By
|
Auditor's staff
|
Auditor himself
|
Purpose/Objectives
|
To ensure the accuracy of financial records
|
To ensure the ownership and existence of assets
|
Performed
|
Before auditing
|
At the end of the period
|
I hope this post is helpful to understand the difference between vouching and verification and to make comparison between them.
