Assertion (A): Internal audit is required to be conducted by a qualified chartered accountant.
Reason (R): It is a tool of management.
Give the correct answer using the given option
A. Both A and R are correct and R is the correct explanation of A
B. Both A and R are correct and R is not the correct explanation of A
C. A is correct but R is wrong
D. A is wrong but R is correct
Answer: Option D
Related Questions on Auditing
A. 2, 1, 3, 4, 5
B. 1, 2, 3, 4, 5
C. 5, 1, 4, 3, 2
D. 4, 1, 3, 2, 5
Auditing and accounting are concerned with which of the following financial statements?
A. Auditing uses the theory of evidence to verify the financial information made available by accountancy
B. Auditing lends credibility dimension and quality dimension to the financial statements prepared by the accountant
C. Auditor should have a thorough knowledge of accounting concepts and convention to enable opinion on financial statements
D. All of the above
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