The time required and costs involved in an external audit are much higher as compared to internal au...........

Auditing Concept of Auditing

The time required and costs involved in an external audit are much higher as compared to internal audits.

True

False

Both of above

None of above

- Option 1: True

* External audits generally involve thorough reviews of a company's financial statements by an independent party.

* They often require more time and resources due to their detailed nature.

* Correct Answer.

- Option 2: False

* This option suggests that external audits do not require more time and costs.

* It overlooks the extensive scope and standards external auditors must adhere to.

- Option 3: Both of above

* This option incorrectly states that both True and False are correct.

* It contradicts the very nature of a binary statement.

- Option 4: None of above

* This implies that neither True nor False apply.

* It doesn't align with the typical audit process.

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