Concept of Auditing
In modern forms of business organizations there is a divorce between ownership and management. Owner of the business, government and other stake holders want to know the true and fair picture of the financial position and performance of the business. This information can be derived from financial statements. However authenticity of these statements needs to be created by audit. So it is well said that where the work of Accountant ends, audit begins to check the true and fair picture of accounts. A CS should be well versed about provisions of auditing related to a company. These online MCQ tests and MCQ questions includes all main concepts of the chapter in CS foundation Financial accounting and Auditing.