The-definition.com

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

  • Direct labor
    The work of factory employees that can be physically and directly associated with converting ...
  • Debit and Credit
    The terms debit and credit are synonymous with left and right. Debit indicates left, and ...
  • Payment date
    On the payment date the company mails dividend checks to the stockholders and records ...
  • Quality of earnings
    Quality of earnings provides full and transparent information that will not confuse or ...
  • Unlimited liability
    Each partner is personally and individually liable for all partnership liabilities. Creditor’s ...