Question

For what type of business continuous audit is suitable

Answer 1

Continuous auditing is an automatic method used to perform auditingactivities, such as control and risk assessments, on a more frequent basis. ... It is the most detailed audit. Each instance of continuous auditinghas its own pulse.


The "continuous" aspect of continuous auditing and reporting refers to the real-time or near real-time capability for financial information to be checked and shared. Not only does it indicate that the integrity of information can be evaluated at any given point of time, it also means that the information is able to be verified constantly for errors, fraud, and inefficiencies. It is the most detailed audit.



Analysis of the data may be performed continuously, hourly, daily, weekly, monthly, etc. depending on the nature of the underlying business cycle for a given assertion.





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Answer 2

Answer:

The correct answer is Continuous Audit

Explanation:

Where it is desired to present the accounts simply after the near of the financial yr, as in case of banks. Where the extent of transaction is very massive. In which the declaration of debts are required to be offered to the management after each month or sector.

Non-stop audit way while the auditor visits his purchaser in normal or irregular periods throughout the monetary year and assessments each and every transaction and on the stop of the yr, he assessments the earnings and loss account and balance sheet.

• business wherein the continuous Audit is applicable
• wherein it's miles desired to provide the debts just after the near of the monetary yr, as in case of banks.
• where the quantity of transaction could be very big.
• wherein the announcement of debts arerequired to be presented to the control after each month or area.

in which no fine machine of internal check in in operation.

• blessings of non-stop Audit
• easy and short discovery of errors.
• knowledge of technical information.
• short presentation of accounts.
• keeps the client’s workforce everyday.
• moral test on the purchaser’s personnel.
• greater time to pay and more interest on paintings.
• instruction of meantime accounts in case of period in-between dividend to be declared.
• Audit body of workers can be saved busy.
• risks of non-stop Audit

Alteration of figures may be performed via bills group of workers.

• it is inconvenient to the patron due to common visit of the auditor.
• it's far high priced additionally.
• Queries may additionally stay excellent due to lengthy interval among  visits.
• The team of workers of customers may additionally rely upon the auditor for a few problems because they experience that auditor can resolve the problem so why to take more ache.

For what type of business continuous audit is suitable

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