Practical Auditing

The process of financial audit begins with

• Planning

• Reporting

• Testing

• Control

A duty of an auditor to verify whether loans and advances have been properly secured or not is referred to as

• Contractual duty

• Statutory duty

• Duties arising out of professional etiquette

• Legal duties

Auditing is derived from the Latin word

• Auditor

• Order

• Audire

• Audit

An auditor should not be

• Honest

• Tactful

• Patient

• Suspicious

What should you do after an internal audit?

The main objective of auditing is

Internal auditors are appointed by

A sale of Rs. 50,000 to A was entered as sale to B what is the type of error?

• Error of omission

• Error of commission

• Compensating error

• Error of principle

Goods sent on approval basis has been recorded as credit sales. This is an example of

• Error of commission

• Compensating error

• Error of principle

• Error of duplication

Internal audit facilitates

• Internal check

• Internal audit

• Final audit

• Internal control