Definition

Continuous audit

 A continuous audit or a detailed audit, as it is sometimes called, is an audit which involves a detailed examination of the books of account at regular intervals of say one month or three months.

The auditor visits his clients at regular or irregular intervals during the financial year and checks each and every transaction. At the end of the year he checks the remaining transactions which have not been checked, the profit and loss account and the balance-sheet.

Share it:  Cite

More from this Section

  • Cost flow assumptions
    Cost flow assumptions is about which units were sold that most companies make assumptions ...
  • Standards
    Standards are common in business. Those imposed by government agencies are often called ...
  • Corporation
    A business organized as a separate legal entity under state corporation law and having ...
  • Consigned goods
    Consigned goods referred as goods that held for sale by one party (the consignee) although ...
  • Right of stockholders
    Stockholders have the right to Vote in election of board of directors at annual meeting ...