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What is meant by continuous audit and to what type of business is it specially applicable?
Continuous audit refers to an ongoing process of auditing financial transactions and controls in real-time or near-real-time, rather than conducting audits periodically. This approach allows for immediate detection of discrepancies and fraud, enhancing overall financial oversight. It is especially applicable to businesses with high transaction volumes, such as financial institutions, retail companies, and organizations with complex operations, where timely and accurate financial information is critical for decision-making.
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What is meant by continuous audit and to what type of business is audit specially applicable?
Continuous audit refers to the ongoing evaluation of an organization's financial information and internal controls, allowing auditors to assess risks and compliance in real time rather than relying solely on periodic audits. This approach is particularly applicable to businesses with high transaction volumes, such as financial institutions, retail companies, and large corporations, where timely detection of discrepancies and fraud is crucial for maintaining operational integrity and regulatory compliance. By utilizing technology and automated tools, continuous audits enhance transparency and improve decision-making processes.
What is an audit independence?
Audit independence means that audit department is completely independant from the mangement of business and there is no interfarence or reliance of audit department on owners of business.
Which type of audit is compulsory for a banking organization?
"CONTINUOUS AUDIT" is essential to a bank so as to maintain a correct flow of amount in both in and out flow.
Is audit fee an administrative expense?
Yes because audit means protecting the business (lawyers) if a customer wants to sue the business
What is qualified audit report?
Qualified audit report means that financial statement of business donot represent the true and fair activities of business
What class of business is continuous audit applicable?
audit which type of bussness class is it applicable answer
How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit?
How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit?
Difference between continuous Audit and Periodical Audit?
The main difference in a continuous audit and a periodical audit is the amount of time an audit is done. A continuous audit is done many times throughout the year and a periodical is performed once a year. A continuous audit is also expensive because of the amount of time spent doing it.
What is an audit independence?
Audit independence means that audit department is completely independant from the mangement of business and there is no interfarence or reliance of audit department on owners of business.
What is audit engagement?
An audit engagement is when an auditor is performing an audit on a business. They are looking at all their books to make sure the business is recording their finances correctly.
Which type of audit is compulsory for a banking organization?
"CONTINUOUS AUDIT" is essential to a bank so as to maintain a correct flow of amount in both in and out flow.
Sentence with comprehensive?
The audit conducted at the business was comprehensive. In the sentence, comprehensive means that the audit encompassed all aspects of an audit.
Is audit fee an administrative expense?
Yes because audit means protecting the business (lawyers) if a customer wants to sue the business
What is qualified audit report?
Qualified audit report means that financial statement of business donot represent the true and fair activities of business
What does an audit achieve?
Audit is a practice to find out that does financial statements of business are prepared according to standards and policies and whether it presents the true and fair business activities or not.
What is the difference between investigation audit and conventional audit in financial statement audit?
Purpose of investigation audit is to find out the evidance of the specific agenda for which investigative audit is conducted while conventional audit objective is to find out that financial statements represents the true and nature of business or not.
Classification by method of approach final or completed audit?
the complies that the audit is carried through to completion in one continuous., although it may be commenced before the end of the accounting period.
