Valuation and verification of assets are complementary to each other. Until and unless the valuation of assets is made, verification is impossible even though they have some differences which are as follows:
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 checks the amount shown in accounts but verification checks the items shown in the balance sheet.
4. Valuation is made throughout the year but verification is made at the end of the year.
5. Valuation is based on evidence but verification is based on individual check.