S1: Audit in depth involves detailed examination of all transactions. S2: Audit in depth is also known as detailed audit. Which statement(s) is/are correct? MCQ with Answer and Explanation
S1: Audit in depth involves detailed examination of all transactions. S2: Audit in depth is also known as detailed audit. Which statement(s) is/are correct?
A. Neither S1 nor S2
B. Both S1 and S2
C. S1 only
D. S2 only
Answer: Option B
Solution (By JKSSB Mock Tests)
Audit in depth (or detailed audit) involves examining every single transaction and voucher in the books. It is typically done for small organizations or when fraud is suspected. Both statements are correct.
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