[Solved] Errors of omission are

Errors of omission are

a) Technical errors

b) Error of principle

c) Compensating errors

d) None of the above

Answer: (a) Errors of omission are technical errors. These errors arise as a result of some act of omission on the part of the person responsible for the maintenance of books of account. It refers to the omission of a transaction at the time of recording in subsidiary books or posting to ledger. Omission may be complete or partial.

More MCQ and Answers on Auditing

  1. Management audit means
  2. Systems audit implies
  3. Internal audit means
  4. Internal audit is
  5. Detection of errors and fraud in audit is  
  6. Internal auditor is appointed and removed by the  
  7. The object of internal check is to
  8. Effective internal check system reduces
  9. Internal check is a part of
  10. The objective of internal audit is

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