Which of the following statements is not true about continuous audit??
A. It is conducted at regular interval
B. It may be carried out on daily basis
C. It is needed when the organization has a good internal control system
D. It is expensive
Category: Audit Mcqs
Which of the following affects audit effectiveness??
A. Risk of over reliance
B. Risk of incorrect rejection
C. Risk of incorrect acceptance
D. Both A and C
According to ISA 315, which of the following is NOT a control activity??
A. Performance reviews
B. Physical controls
C. Organizational structure
D. Segregation of duties
Auditing is compulsory for____________??
A. Small scale business
B. Partnership firms
C. Joint stock Companies
D. Proprietary Concerns
According to ISA 315, which of the following is NOT an element of the control environment??
A. Participation of management
B. Information processing
C. Commitment to competence
D. Human resource policies and practices
