Question

Audit carried out throughout the year to check effectiveness of internal control system of the organization is called:

• A. Operational Audit
• B. Concurrent Audit
• C. Management Audit
• D. Internal Audit

Hint:

Concurrent Audit is continuous and helps detect errors and fraud in real time.

Answer 1

The Correct Option is B

Step 1: Identify Audit Types.
- Operational Audit: Evaluates efficiency and performance.
- Concurrent Audit: Monitors ongoing effectiveness throughout the year.
- Management Audit: Assesses management policies.
- Internal Audit: Periodically reviews internal controls.

Step 2: Determine the Audit Type.
Because the audit is conducted throughout the year to verify internal controls, it is a Concurrent Audit.