Audit of banks is an example of__________?
Correct answer: B. All of the aboveHire An Accountant
- A. Statutory audit
- B. All of the aboveHire An Accountant
- C. Concurrent audit
- D. Both (A. and (B.
- E. Balance sheet audit
Explanation
Bank audits may be statutory, cover the balance sheet, and also be conducted concurrently through regular transaction checking. Thus, all the listed descriptions can apply to bank audits.
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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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Accounting is on 2 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
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