Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. what are the inherent limitations of an audit?what

What are the inherent limitations of an audit?What are the inherent limitations of an...

70.2K

Verified Solution

Question

Accounting

What are the inherent limitations of an audit?

Answer & Explanation Solved by verified expert
3.7 Ratings (660 Votes)
Answer Audit system is aimed at finding out if financial statements are presenting true and fair view of business thereby they do not disclose anything which is not correct as well financial statement do not conceal or hide any material fact about business It is important to note that sometimes auditors are not able to make audit report which is 100 error free because audit system has certain inherent limitation because of which audit sometimes not able to    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

In: AccountingWhat are the inherent limitations of an audit?What are the inherent limitations of an audit?

Other questions asked by students

Q

Physics Lab: Speed of Sound Please answer what you can! Physics Pre Lab 13: Speed of Sound 1)...

Physics
Q

Which of the following terms describes a diversification of species where unoccupied ecological niches are...

Biology
Q

3 Block is in equilibrium initially Now we displac the block by a distance 0...

Physics
Q

imits Continuity Course Packet on indetermi x x 9 X 81 X 81 Evaluate lim...

Basic Math
Q

The numbers of words defined on randomly selected pages from a dictionary are shown below....

Basic Math
Q

Find the upper and lower limit of the confidence interval 0 173 0 034 then...

Statistics
Q

Question 11 of 16 A survey found that women s heights are normally distributed with...

Statistics
Q

Oil Rig Oil Pipeline Water N 16 Miles Land Refinery An Oil Rig is located...

Algebra
Q

Pebles Caleate...

Accounting
Q

you are the accountant for Evergreen Corporation. The controller has asked you to prepare absorption...

Accounting
Q

Identify and briefly discuss ONE (1) qualitative factor Mercury Cuisine Limited should consider before deciding...

Accounting
Q

5.The BEST Bakery is considering purchasing a new oven. The oven will cost P1 500,...

Accounting