Question

Which of the following is not a kind of audit?

Answer 1

Answer:

[A] Statutory and private audit.

[B] Government and continuous audit.

[C] Continuous, final, Interim, Cash, Cost and Management audit.

[D] None of these.

Answer:- Option D

Answer 2

• An audit is when an auditor examines or inspects various books of accounts, followed by a physical inventory check, to ensure that all departments are following a prescribed procedure of documenting transactions.
• It is done to ensure that the financial statements presented by the organization are accurate.
• Chartered accountants from the Institute of Chartered Accountants of India, or ICAI, can conduct independent audits of any organization in India.
• In the United States, audits are carried out by CPAs (Certified Public Accountants).