Which of the following statements is wrong regarding continuous audit?
A) Continuous audit is to perform audit-related activities on a continuous basis
B) Testing in continuous audits often consists of continuous controls monitoring and continuous data assurance
C) Technology plays a key role in continuous audit in analyzing trends and patterns of transactions, identifying exceptions and anomalies, and testing controls
D) Continuous audit is frequently used to perform substantive tests and is used for testing of controls through transactional-data analysis

Question

Quizplus · Accepted Answer

Continuous audit is typically used for testing of controls through transactional-data analysis rather than substantive testing. Substantive testing is typically conducted at the end of the reporting period, while continuous audit is performed throughout the period.

Which of the Following Statements Is Wrong Regarding Continuous Audit