JKSSB Written 2024
Answer & Explanation
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Correct Answer:
Option C —
Internal audit
An Internal Audit is conducted by an organization's own staff or an appointed internal body to evaluate the effectiveness of its risk management, financial controls, and governance. Its primary goal is to identify irregularities, prevent fraud, and ensure that the internal systems are robust enough to protect the organization's assets.Here is why the other options are different:
System Audit: Focuses specifically on the infrastructure and processes of an information technology system.
Compliance Audit: Checks if the organization is following specific external laws, regulations, or set policies.
Statutory Audit: A legally mandated review of a company's financial records, usually conducted by an external party to provide an independent opinion for public/government record.
Answer verified by Quintessence Classes faculty — Karan Nagar, Srinagar.