Question

Which allows timely identification of problems or weakness and quick corrective action that help reduce expenses of organisation?

Answer 1

Continuous monitoring process helps in the timely identification of problems or weaknesses and suggest corrective action which helps to reduce the expenses of an organization.

Continuous monitoring are of 3 types -

Continuous auditing and inspection.

Continuous monitoring of control procedures and continuous examination of transactions in the books of accounts form a part of continuous monitoring.

Answer 2

Monitoring allows ‘timely identification’ of problems or weakness and quick corrective action that help reduce expenses of the organisation.

Explanation:

• The process of monitoring and tracking is used to issues or problems associated with the functions and operations of the organization.  

• The processes of functional and operational activities are carried out by the people working in the organization.  

• The process of monitoring helps with identifying the problems and risks associated with the functions and operations of the organization.  

• This helps to save costs and un-required expenses that can come up due to a problem.

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