Concurrent audit is a part of____________?
Correct answer: C. Internal audit system
- A. Internal check system
- B. Continuous audit
- C. Internal audit system
- D. None of theseHire An Accountant
Explanation
Concurrent audit examines transactions while they are being processed, usually as a component of an organisation's internal audit system. Its real-time nature distinguishes it from a conventional audit performed after the period ends.
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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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162 free Auditing MCQs from Accounting, each with the correct answer and an explanation. Unlimited attempts, no account needed.
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