Used to express that nothing is missing or out of place, often in checks or lists. Before the performance, the director confirmed that the costumes and props were all present and correct.
Pro Tip 2/3
Readiness
Implies preparation is complete and you are ready to proceed with something. The team lined up for the photo, all present and correct, grinning widely.
Pro Tip 3/3
Confirmation
Often used to reassure someone that a check has been made and everything is as it should be. He texted to say he'd arrived safely, with all documents all present and correct.