What does "proof of reserves" and "proof of liabilities" mean?

What does "proof of reserves" and "proof of liabilities" mean?

What is a brief way of describing what proof of reserves and proof of liabilities mean?
What is their difference?

I have searched and read but I haven't got it yet.
Is it done by an auditor? Is it an audit?

http://ift.tt/2GRqFZz

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