An entity is considered to be in business/ operation for indefinite period. This is called. A. Going concem B. Accural principle C. Substance over form DeEntity concept The objective of internal audit is A. To manage an entity B. To detect error and fraud C. To prepare financial statements D. To appoint a director Verification refers to A. Calculation of value of assets B. Examination of journal and ledger C. Examining the physical existence and valuation of assets D. Examination of vouchers related to assets Inadequate controls over purchases and accounts payable can result in opportunities to embezzle from the organization Select one: True False Which one of the following is an auditor's responsibility? A. Tosign financial statements B. To prepare client?s financial statements C. To obtain sufficient appropriate audit evidence regarding, and to conclude on, the appropriateness of management?s use of the going concern assumption in the preparation of the annual financial statements, D. To respect the client