What do auditors do when consideringexistence?

1 Search for assets, liabilities, and equity items to ensure they have been recorded.

2 Search for evidence that assets, liabilities, and equity items have been recorded at appropriate amounts.

3 Gather evidence to verify recorded assets are owned by the entity and recorded liabilities represent commitments of the entity.

4 Search for evidence to verify that asset, liability, and equity items on the balance sheet actually exist.