At a recently concluded seminar the following were extracted from the presentation of a financial analyst, Audited financial statements represents the records of stewardship of a companys activities and the financial position of a company at the end of a period. The financial report has contributions from the key stakeholders of the organisation who are required to objectively perform their duties very well. As a follow up on this, the users of the financial statements should be able to use the report confidently while also supporting good cooperate governance. The financial report is prepared relying on the estimates, judgement, assumptions, and reliable evidence of the Management of the organisation. It represents a useful tool for decision making. As a newly qualified accountant

Snowball Group is taking over the business of Ice Limited including its assets and liabilities.

(i) Explain THREE verification principles you would adopt to ascertain the evidence of the assets and liabilities.