One of the following is not an advantage of audit -
(I) It provides satisfaction for owner.
(II) It detects errors and frauds.
(III) It helps in getting loans.
(IV) It reduces cost burden.
Select the correct answer from the options given below.

I and II

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I, II and IV

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II and III

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Solution

The correct option is D IV
It is the auditors responsibility to verify all the business transactions along with the verification of documentary evidence available. The main object of audit is to detect and prevent the frauds.

Audit does not reduced the cost burden.

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One of the following is not an advantage of audit -(I) It provides satisfaction for owner.(II) It detects errors and frauds.(III) It helps in getting loans.(IV) It reduces cost burden.Select the correct answer from the options given below.

The correct option is D IVIt is the auditors responsibility to verify all the business transactions along with the verification of documentary evidence available. The main object of audit is to detect and prevent the frauds.Audit does not reduced the cost burden.

One of the following is not an advantage of audit -
(I) It provides satisfaction for owner.
(II) It detects errors and frauds.
(III) It helps in getting loans.
(IV) It reduces cost burden.
Select the correct answer from the options given below.

The correct option is D IV
It is the auditors responsibility to verify all the business transactions along with the verification of documentary evidence available. The main object of audit is to detect and prevent the frauds.

Audit does not reduced the cost burden.