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What is the last date of income tax audit for financial year 2010-2011?
Wiki User
∙ 12y ago
It depends which country you are referring to
Wiki User
∙ 12y ago
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What are the limitations of an external auditor?
here are the limitations of the external auditor: time lapse: lapse of time between balance sheet date and the presentation of the audit report may be up to 4 months. audit testing and selective samples: has limitations due to sampling risk Assessment of materiality: the assessment of materiality with both quantitaive and qualitative requires high degree of professional judgement Highly specialised areas: forming professional judgement in highly specialised areas can often result in disagreements between auditors and clients Report format limitations: the standard format of the audit report may not reflect fully the complexities involved in the audit process and the decision of the audit opinion. despite these limitations an audit of the financial statements adds credibility to the financial information
What is the last date for Income tax declaration for the year 2011-2012?
It depends on the legislation of the country in question. Generally the financial year starts at the beginning of April.
Is it true that a representation letter should have the same date as the audit report?
Yes
What is the difference of an income statement and a balance sheet?
Income statement shows the activity of current or one fiscal year of business while balance sheet shows the overall financial condition of business from start of the business to till date.
What is the accounting journal entry to record audit fees?
If paid in cash use the following accounts: A debit to Audit Fee Expense A credit to Cash If the fee is going to be paid at a later date use the following accounts: Debit to Audit fee expense Credit to Audit fee payable Once the fee is paid then we use the following accounts Debit to Audit fee payable Credit to Cash a/c
The significance of the audit report date?
The significance of the audit report date is that it is the cut-off point for an auditor's responsibility to be informed about events and transactions that occur after the date of the financial statements but that have a material effect on those statements.
The date of the CPA's opinion on the financial statements of his client is is?
the date of the completion of all important audit procedures.(Field work completed).
What excel formula do I use to show if a audit is expired or in date or there is no audit date on file?
=IF(G17="","No Audit on File",(IF(G17>TODAY(),"Valid","Expired"))) Works!!
Last date of vat audit in up?
last date of vat audit in up for the f. y. 2010-11
'economical year' start from the date.?
A fiscal year consists of a 12 month period that is used by businesses for calculating financial statements and reporting income taxes. The financial year does not have to follow the calendar year.
What are the limitations of an external auditor?
here are the limitations of the external auditor: time lapse: lapse of time between balance sheet date and the presentation of the audit report may be up to 4 months. audit testing and selective samples: has limitations due to sampling risk Assessment of materiality: the assessment of materiality with both quantitaive and qualitative requires high degree of professional judgement Highly specialised areas: forming professional judgement in highly specialised areas can often result in disagreements between auditors and clients Report format limitations: the standard format of the audit report may not reflect fully the complexities involved in the audit process and the decision of the audit opinion. despite these limitations an audit of the financial statements adds credibility to the financial information
What is the last date for Income tax declaration for the year 2011-2012?
It depends on the legislation of the country in question. Generally the financial year starts at the beginning of April.
Is it true that a representation letter should have the same date as the audit report?
Yes
What is the difference of an income statement and a balance sheet?
Income statement shows the activity of current or one fiscal year of business while balance sheet shows the overall financial condition of business from start of the business to till date.
Does the income statement describes the financial position of a firm on a given date?
Yes, an income statement is a document used to show what the businesses revenue and expenses are during a specific period. It shows where all the money has gone and where the money has come from.
What are the auditors responsibilities in respect of subsequent events?
Material happening occurring after the date of the financial statements but before the audit report is issued. Footnote disclosure is required so that financial statement users are properly informed. The subsequent event typically has a significant impact on financial position or earning capacity. Examples of subsequent events requiring disclosure are lawsuits, impairment of assets, and permanent decline in price of securities.
What is the meaning of Tax allocation?
Tax allocation is the process of apportioning the effect of tax among the various income statement items and among the various accounting periods so that the financial statemnets can reflect the true financial picture of the company as of a specific period and date.
