Transaction audit essentially seeks to address the following issues of risks to:
i Regularity
ii Performance
iii Propriety
iv Financial Control

Related MCQs

• Financial (attest) audit includes: i Examination and evaluaion of financial records ii Audit of financial systems and transactions iii Audit of intenal control and internal audit functions iv Evaluation of Compliance with applicable statutes and regulations
• Financial (attest) audit is primarily concerned with expression of audit opinion on a set of financial statements.
• Risks of financial irregularity are always material for the purpose of qualifying audit opinion on the finanicial statements
• Instructions to audit team members on the performance of chosen audit procedures are contained in the
• Transaction audit is linked to a specific assurance on an individual set of financial Statements in a particular year
• Financial Audit of Autonomous Bodies receiving financial assistance is governed by ______ of CAG's DPC Act 1971
• These are performed if the audit team has not identified risks that could lead to material misstatement and no reliance is planned to be placed on controls.
• what are the audit procedures commonly used to obtain audit assurance?
• These are performed if the audit team identifies a risk that could lead to potential material misstatement and where no reliance can be placed on mitigating controls to address the risk
• The Auditing Standards of the C&AG of India comprise of i General Standards ii Field Audit Standards iii Field Standards iv Reporting Standards