What Is The Difference Between Valuation And Verification?

(1) verification means determining the accuracy of assets and liabilities shown in the balance sheet and valuation means testing the accuracy of the asset and liabilities
(2) verification scope is wide & valuation scope is limited
(3) verification is executed by auditor & valuation executed by the client's staff
(4) verification nature is objective & valuation is subjective

1. Verification is a final work but valuation is needed to the verification.

2. Verification is the work of auditor but valuation is the work of concerned authority or board.

3. Valuation is made throughout the year but verification is made at the end of the year.