Question

An audit is part of which type of investigative method? a. Theft b. Conversion c. Concealment...

An audit is part of which type of investigative method?

a.

Theft
b.

Conversion
c.

Concealment
d.

Inquiry
Business   Accounting   
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Answer #1

Answer is c. concealment

Audit is an investigative method used to find out if any facts are concealed. Hence answer is c). Audit is not used for investigating theft and conversion. Audit is also not used as investigating method for inquiry. An auditor is bound to check accounting records based on evidence if any material facts are misstated in financial statements and give his audit opinion in the form of an audit report. If any facts are concealed the auditor should bring the same to the attention of management.

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