Question

Which one of the following audit is called as "vouch and post" audit?

• A. Statutory audit.
• B. Continuous audit.
• C. Periodical audit.
• D. Management audit.

Answer 1

The correct option is A Statutory audit.

Statutory Auditor is appointed to conduct the annual audit of the organization to have a check on complete books of account and financial position of the company.

Statutory Auditor has a right to access all the books of accounts and vouchers including cash vouchers, bank vouchers, purchase vouchers, sales vouchers etc. Statutory audit is called balance sheet audit in which auditor has to verify the items of assets and liabilities of the organization.