Which of the Following Statements Is Wrong Regarding Continuous Audit

question 20

Multiple Choice

Which of the following statements is wrong regarding continuous audit?

• A) Continuous audit is to perform audit-related activities on a continuous basis
• B) Testing in continuous audits often consists of continuous controls monitoring and continuous data assurance
• C) Technology plays a key role in continuous audit in analyzing trends and patterns of transactions, identifying exceptions and anomalies, and testing controls
• D) Continuous audit is frequently used to perform substantive tests and is used for testing of controls through transactional-data analysis

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Definitions:

Schema

A cognitive framework or concept that helps organize and interpret information, based on one's accumulated knowledge and experience.

Memory

The faculty by which the mind stores and remembers information.

Librarian

A professional responsible for managing, organizing, and distributing library resources, and assisting patrons in finding information.

Eyewitness Testimony

Eyewitness testimony is the account given by people of an event they have witnessed, notably used as evidence in legal proceedings though subject to inaccuracies.