Start learning 50% faster. Sign in now
A financial audit is an independent examination of an entity's financial statements, whether or not they are profit-oriented, regardless of the size of the entity, by auditors or audit firms to express an opinion regarding the accuracy of the facts and figures contained in the financial statements of the entity and to obtain reasonable assurance that the financial statements are free of material misstatements. Important Points Process of Financial Audit: 1. Planning and creation of the auditing process 2. Examine the internal controls test and the transactions 3. Performance of Analytical Procedures and Testing of Financial Procedures 4. Making an audit report and publishing Hence, it can be concluded that the process of financial audit begins with Planning.
Which of the following statements is/ are correct?
1. Budget Division of Department of Economic affairs prepares the budget
2. ...
Which of the following option is incorrect about “PM Shram Yogi Maan Dhan Yojana”?
The Reserve Bank of India is the authority to control inflation through monetary policies. Which of the following tools will the RBI take to curb inflat...
According to the Minimum Wages Act 1948, Under what circumstances can the appropriate government refrain from fixing minimum rates of wages for schedule...
In the context of economy, sterilization by RBI refers to:
Which type of union avoids political action and resorts to strikes only when necessary?
Indian economy is a
Under the provisions of the Industrial Disputes Act 1947, the employer of any industry declares lay-off, is required to provide alternate employment to ...
Which of the following statements is/are incorrect about the “Wholesale Price Index (WPI)”?
I. WPI does not capture changes...
What describes a situation where the rate of inflation is slowing down?