Which of the Following Explains 'Audit Process

question 21

Multiple Choice

Which of the following explains 'Audit Process'? 

• A) The process audit is a systematic investigation of the extent to which the (technical) processes are capable of meeting the established standards in a predictable way. 
• B) The process audit is a snap check on the extent to which the (technical) processes are capable of meeting the established standards in a predictable way. 
• C) The process audit is a systematic investigation of the extent to which the (technical) processes are capable of meeting the established standards. 
• D) The process audit is a systematic investigation of the extent to which the (technical) processes are capable of meeting the future standards in a predictable way.

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Definitions:

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities, representing the ownership interest of shareholders in a company.

Ending Capital Balance

Ending capital balance is the amount of money a company has in its capital account at the end of a financial period after all financial transactions have been accounted for.

Beginning Capital Balance

The amount of capital at the start of a financial period before any transactions have been accounted for during the period.

Withdrawals

Money or assets taken out from a business by its owner for personal use or from a bank account by the account holder.