Types of Audit

The audit that is mostly conducted in Banks to examine the financial transactions on a regular basis (occuring when the transactions occur or at the earliest) to ensure accuracy, authencity and compliance is called as ________

• Continuous Audit

• Concurrent Audit

• Interim Audit

• Complete Audit

In which of the cases special audit is directed?

• When affairs of the company are not managed as per sound business principles

• When financial position of the company is such as to endanger its solvency

• When the company is likely to cause serious injury or damage to the interest of trade & industry

• All of the above

• None of the above

Who decides the terms and conditions and scope of special audit?

• Company

• Central Government

• Auditor

• State Government

_________ is defined as "one where the auditor or his staff is constantly engaged in checking the accounts during the whole period or where the auditor or his staff attends at regular or irregular intervals during the period"

• Partial Audit

• Internal Audit

• Continuous Audit

• Complete Audit

The audit based on time does not include which of the following

• Continuous Audit

• Internal Audit

• Interim Audit

• Final Audit

Which of the following is not a quality required to be an Auditor?

• Common Sense

• Chartered Accountant

• Bias

• Integrity

It is compulsory for the proprietor to appoint a statutory auditor.

• True

• False

Internal auditor is appointed by management

• True

• False

______ audit is compulsory by law

• Statutory audit

• Balance sheet audit

• Internal Audit

• Interim Audit

The objective of ___ audit is to suggest improvement to the functions of the organization

• Statutory Audit

• Internal Audit

• Concurrent audit

• Final Audit