Which of the following best reflects the audit perspective on loans an

Type: MCQ • Marks: 1

Which of the following best reflects the audit perspective on loans and advances?

A. Recoverable amounts should be authorised, correctly accounted for, periodically reconciled and effectively monitored for recovery

B. Outstanding balances need not be monitored

C. Advances are outside financial control

D. Verbal evidence is sufficient

Explanation

Audit focuses heavily on authority, accuracy, recoverability and financial control.

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UPSC Principal & Vice Principal Management Finance Administration

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Which of the following best reflects the audit perspective on loans and advances?