Physical verification


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Physical verification

A procedure auditors use to ensure that inventory recorded in the book is correct by actually checking out the physical inventory.

Physical Verification

A practice in which an auditor ensures that the inventory recorded on a company's statements is correct by actually inspecting and counting the inventory.
References in periodicals archive ?
To a query, the FBR member IT said that the FBR will not conduct physical verification of the manufacturing premises, but it will only be done through Geotagging.
Tenders are invited for Appointment Of Firms Of Chartered Accountants Empanelled With Comptroller & Auditor General For Undertaking Internal Audit & Physical Verification In Fci Jharkhand Region For The Period 2018-19
According a letter sent to ED KIHD in the light of physical verification of the employees held at KIHD on 08 July 2019 and directives of the competent authority, ED KIHD are requested to stop the salary of employees working outside/waiting for posting and their attendance not received in your office regularly.
KARACHI -- Medical and Health Services Department of Karachi Metropolitan Corporation (KMC) has conducted physical verification of staff of Karachi Institute of Heart Diseases (KIHD) on Monday and about 50 employees have failed to appear during verification process.
However, the company will be scrutinised for physical verification before it is provided with work order and contract.
This he said while presiding over a meeting of the department regarding progress of Physical Verification of Wheat Godowns and Recovery of Dues from flour mills, said a statement on Thursday.
Earlier, only VVPAT slips from one EVM in every Assembly segment or constituency was subjected to physical verification. (ANI)
Physical verification of the project by auditors in January this year revealed incomplete works including drainage works, sinks, electrical works and gas fittings.
It seems that the lingering issue of unpaid dues of privatisation of PTCL would come to a satisfactory conclusion for both the parties but much depends on the quality of physical verification and evaluation of properties and assets.
But physical verification of a user is gross violation and unwarranted under the ambit of the Information Technology Act, 2000.
The county was also faulted for paying Sh4.9 million to a computer dealer to set up a data centre but physical verification showed it was not operational.
It had pointed out discrepancies during physical verification process that needed to be resolved before hand-over process, including equipment such as LEDs optical fiber cable, ODFs, PDUs, cameras, decoders etc other than approved brands/models have been delivered/ installed.
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