Audit in depth is synonymous for_____________?
Correct answer: D. Detailed audit
- A. Complete audit
- B. Completed audit
- C. Final audit
- D. Detailed audit
Explanation
An audit in depth traces transactions and supporting records in considerable detail, so it is also called a detailed audit. It does not necessarily mean that every transaction is examined, as in a complete audit.
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About Auditing
Auditing examines accounting records and financial statements to determine whether they present a reliable and fairly stated position. The subject covers audit objectives, internal controls, audit evidence, materiality, vouching, verification, working papers, auditor independence, audit reports, and the distinction between an audit and accounting or investigation.
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