MCQsLoader

Current audit is also called?

(A) Continuous Audit
(B) Internal Audit
(C) External Audit
(D) All of above

Answer: (A) Continuous Audit
Current audit is also called continuous audit.

(A) Monthly
(B) Yearly
(C) weekly
(D) None of these

Answer: (B) Yearly
Income Tax usually levied on yearly.

(A) Internally by employee
(B) Externally by certified public accountant
(C) Both A and B
(D) None of these

Answer: (C) Both A and B
Audit can be conduct by employee of an organisation or externally by certified public accountant.

(A) The Auditor
(B) Auditor’s assistants
(C) Both A and B
(D) None of these

Answer: (C) Both A and B
Audit program is prepared by the auditor and his assistants.

(A) Risk of incorrect rejection
(B) Risk of incorrect acceptance
(C) Risk of over reliance
(D) Both B and C

Answer: (D) Both B and C
Effectiveness of audit can be affect by risk of incorrect acceptance and risk of over reliance.