Economics · Auditing

Which of the following statements is INCORRECT regarding Management Audit?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1The shareholders or the board of directors may appoint the management auditor.
2Management audit covers a wide area of management activities and may span more than one financial year.
3Management audit is a comprehensive and critical review of all aspects of the management process.
4Management audit is a statutory requirement under the Companies Act.✓

Correct answer

Management audit is a statutory requirement under the Companies Act.

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