In the end, the management auditor prepares a report
On the basis of findings and definite information, the auditor prepares a report making suggestions for improvement in the working of the management
His report should give a correct assessment of the working of organization
He should not hesitate in criticizing the management
LIMITATION OF AUDIT: The main risk in audit program is towards the assurance services that derives wrong conclusions
Assurances are to be provided within the related certification
Here are some of the limitations of an audit
Testing involves extra cost to the organization which is considered as a burden
The primary objective of auditing is detection and prevention of errors and frauds
False, Secondary objective 22
Auditing can be done by an employee of the company
False, Qualified auditors 23
Continuous audit and internal audit are one and the same
,False 24For declaring interim dividend, interim audit is compulsory
,True 25