| Q.84 | Identify the INCORRECT statement with respect to internal and external audit on banking companies. | |
| Ans | A. In case of external audit, the scope of the audit is defined in the appointment letter by a government authority. | |
| B. Internal audit is carried out by the bank’s own staff appointed as auditor under the control of the inspection department of the bank. | ||
| C. Surprise inspection at regular intervals is carried out in external audits. | ||
| D. In case of internal audits, the scope is unlimited and covers every aspect of branch working. |
Correct Ans Provided: C
