In an EDP environment, what does "Auditing around the computer" approach involve?

Auditing exclusively through the computer

Auditing without using computers

Auditing with the help of computer software

Auditing by examining computer printouts

What is the role of an audit committee in an organization?

Reviewing annual financial statements

What is the main purpose of social audit?

Evaluating economic performance

Analyzing technological advancements

What is the purpose of the principle of exception in report preparation?

To include every detail in the report

To provide a comprehensive overview

To highlight significant variations and issues

What does the "Principle of Comparability" involve in report preparation?

Comparing financial statements of different organizations

Comparing current year information with last year information

Comparing internal and external data

Comparing qualitative and quantitative data

Why is "Timeliness" considered important in audit reporting?

It ensures a high degree of accuracy in the figures.

It reduces the need for comparability.

It allows management actions to be based on fresh information.

It increases the cost of preparing reports.

What is the purpose of "Controlled Processing" as a Computer Assisted Auditing Technique (CAAT)?

To audit human resource records

To assess inflation impact on financial statements

To perform data testing in a controlled environment

In which type of audit approach does the auditor evaluate the internal control of EDP and determine the nature of substantive procedures?

Auditing with the assistance of AI

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