_________ is the principle of audit*1 pointConfidentialityRevealing the secretsNot applying the skill and competenceNot checking the companies accounting policies

.Question 3How is auditing related to accounting?

The primary objective of the auditor is to _______________*1 pointDetection and prevention of errors and fraudsTrue and Fair view of financial statementsRecording the transactionsPreparing books of accounts

__________ is one of the disadvantage of Continuous audit*1 pointCheck on employeesPrevents errors and fraudsDisrupts accounting workThorough audit

An audit requires an understanding of all the control activities related to each significant class of transactions, account balance, and disclosure in the financial statements or to every assertion relevant to them.Select one:TrueFalse

Audit evidence concerning segregation of duties ordinarily is best obtained bySelect one:a.Performing tests of transactions that corroborate management's financial statement assertionsb.Observing the employees as they apply specific controls.c.Developing audit objectives that reduce control risk.d.Obtaining a flowchart of activities performed by available personnel.