Question
In relation to internal control, which of the following
statements is/are correct? (i) It is a continuous critical review of financial and operating activities by a staff member of the auditor. (ii) It consists of all the methods and procedures adopted to assist in achieving the objective of efficient conduct of business. (iii) It is a system of allocation of responsibility, division of work and methods of recording transactions, whereby the work of an employee is checked continuously by another.Solution
The correct answer is A
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