These are all physical items owned by a business; these may include Land, motor, buildings and other freehold property. Besides these physical assets there is also another class of assets referred to as intangible assets, this class contains such items as patents, copyrights and good will.
What the auditor does in looking for audit evidence is that he checks these particular items individually for things like physical location for those it can be verified. Items which may require verification are buildings and freehold property.
The auditor also considers amortizations for intangible assets such as goodwill and patents. The other class of assets is the Current assets that include fast moving goods of the business and other short term items of the business among these are the inventory, account receivables, and liquid money that is held by the business. ...