The correct answer is: B. Continuous audit
Concurrent audit is a type of audit that is conducted simultaneously with the recording of transactions. It is a part of the continuous audit system, which is a system of auditing that uses continuous monitoring and analysis of data to identify and prevent errors and fraud.
The internal check system is a system of controls that is designed to prevent errors and fraud. It is not a type of audit.
The internal audit system is a system of audits that is conducted by an independent auditor to assess the effectiveness of the internal control system. It is not a type of audit.
Explanation of each option:
- A. Internal check system
The internal check system is a system of controls that is designed to prevent errors and fraud. It is not a type of audit. The internal check system includes a variety of controls, such as segregation of duties, authorization controls, and reconciliation controls.
- B. Continuous audit
Continuous audit is a type of audit that is conducted simultaneously with the recording of transactions. It is a part of the continuous audit system, which is a system of auditing that uses continuous monitoring and analysis of data to identify and prevent errors and fraud. Continuous audit is a more efficient and effective way to audit than traditional audit, which is conducted periodically.
- C. Internal audit system
The internal audit system is a system of audits that is conducted by an independent auditor to assess the effectiveness of the internal control system. It is not a type of audit. The internal audit system is designed to provide assurance to management and the board of directors that the internal
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