Continuous Audit : In the definition of the continuous audit, what is this statement mean? “When for this purpose the staff attends at intervals, fixed or otherwise, during the currency of financial period.” What is the difference between the concurrent audit and continuous audit?

Questions › Continuous Audit : In the definition of the continuous audit, what is this statement mean? “When for this purpose the staff attends at intervals, fixed or otherwise, during the currency of financial period.” What is the difference between the concurrent audit and continuous audit?

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Shubham asked 7 years ago

In the definition of the continuous audit, what is this statement mean?
“When for this purpose the staff attends at intervals, fixed or otherwise, during the currency of financial period.”  
What is the difference between the concurrent audit and continuous audit?

2 Answers

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Ravi Staff answered 6 years ago

Yes he can.
ICAI has prohibited that director of holding should not do audit of subsidiary, vice versa is fine as not explicitly prohibited.
But auditor should try to avoid such appointments as per guidance note on independence. Not a illegal activity if he does it.

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Asmita Shah answered 6 years ago

Thank you Sir