NEW AREAS OF AUDITING - TYPES OF AUDIT

_____________ audit checks whether companies are maintaining proper cost records

• Operational Audit

• Cost Audit

• Social Audit

• Tax Audit

______________ generally covers verification of Job Descriptions, training and development etc.

• Human Resource Audit

• Cost Audit

• Operational Audit

• Forecast Audit

_____________ helps to prepare accurate cost reports

• Operational audit

• cost audit

• HR audit

• Forensic audit

The audit which evaluates management team is __________

• HR Audit

• Management Audit

• Forecast Audit

• Operational Audit

_______________ is a technique for estimating many future aspects of a business

• Costing

• Accounting

• Processing

• Forecasting

The management audit helps in ______________

• smooth operation of an organization

• provides suggestions to the management

• Measures How effective are current risk management

• Identify weak areas of forecasting system

• Promote education, research and development in the techniques of the industry

Tax audit is compulsory for ______________

• A person carrying on business if the total sales/ turnover exceeds Rs. 1 lakh during the previous year

• A person carrying on profession if the Gross receipts exceeds Rs. 10 lakhs during the previous year

• A person carrying on business if the total sales/ turnover exceeds Rs. 1 crore during the previous year

• All

_________________ audit is conducted usually for investigation and prosecution of criminal acts such as misappropriation or fraud

• Forecast Audit

• Forensic audit

• Operational Audit

• Statutory Audit

__________________ audit is concerned with verification of performance of environment management systems to control pollution and their efficiency to conserve environment

• Environment Audit

• Social Audit

• Energy Audit

• Management Audit

______________ auditor cannot be appointed as tax auditor even though capable

• Statutory

• Internal

• Operational

• Cost auditor