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Management Finance - Part 1

Which of the following is the strongest distinction between internal control and external audit?

Type: MCQ • Marks: 1
Which of the following is the strongest distinction between internal control and external audit?
Options
A. Internal control operates within management systems, while external audit provides independent examination
B. External audit is always performed before expenditure
C. Internal control is exclusively judicial
D. There is no functional distinction
Explanation
Internal controls are embedded in organisational processes, whereas external audit independently evaluates financial statements, transactions and compliance.
UPSC Principal & Vice Principal Management Finance Administration

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