Delay in final accounts is one of the disadvantage of ___________ audit*1 pointContinousConcurrentFinalInterim
Question
Delay in final accounts is one of the disadvantage of ___________ audit*1 pointContinousConcurrentFinalInterim
Solution
The answer is Continuous audit.
Step 1: Understand the question - The question is asking for the type of audit that has the disadvantage of causing delays in final accounts.
Step 2: Analyze the options - We have four types of audits given: Continuous, Concurrent, Final, and Interim.
Step 3: Choose the correct answer - In a Continuous audit, the auditor is constantly engaged with the audit work throughout the year, which can cause delays in final accounts. Therefore, the correct answer is Continuous audit.
Similar Questions
__________ is one of the disadvantage of Continuous audit*1 pointCheck on employeesPrevents errors and fraudsDisrupts accounting workThorough audit
Continuous audit is done with ________________*1 pointOccurrence of TransactionsPeriodicallyOnce in a yearIn between a financial year
_________ is the principle of audit*1 pointConfidentialityRevealing the secretsNot applying the skill and competenceNot checking the companies accounting policies
Concurrent audit is done ________________*1 pointWith Occurrence of TransactionsPeriodicallyOnce in a yearIn between a financial year
The primary objective of the auditor is to _______________*1 pointDetection and prevention of errors and fraudsTrue and Fair view of financial statementsRecording the transactionsPreparing books of accounts
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