The Audit Program

question 45

Multiple Choice

The audit program:

• A)Is essentially a computerised auditing program that is used to audit a system.
• B)Is essentially an auditing product provided by an auditing firm.
• C)Is essentially a checklist of all the tests and other procedures that the auditor intends to carry out.
• D)None of the options are correct.

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Definitions:

Commercial Banks

Organizations that take in deposits, issue different types of loans, and offer a range of financial services to both individuals and enterprises.

Savings Account

A bank account where money is kept for savings purposes, offering interest on the deposited funds.

Precautionary Cash Balances

Precautionary cash balances refer to money held by both businesses and individuals to meet unexpected expenses or financial emergencies.

Unexpected Expenditures

Expenses that were not planned or budgeted for, often requiring immediate payment.