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
- Management audit means
- Systems audit implies
- Internal audit means
- Internal audit is
- Detection of errors and fraud in audit is
- Internal auditor is appointed and removed by the
- The object of internal check is to
- Effective internal check system reduces
- Internal check is a part of
- The objective of internal audit is