0
Whether it is compulsory for IT audit for gross sale of rs44lacs in a financial year?
Wiki User
∙ 9y ago
It may not be compulsory to conduct an IT audit solely based on the gross sales amount. However, IT audits are recommended to ensure the integrity, security, and compliance of your IT systems and processes. It is advisable to assess the specific requirements and risks of your business to determine if an IT audit is necessary.
Add your answer:
Earn +20 pts
Do you need to send your w2 form with your 1040?
No, you do not need to send your W-2 form with your 1040 tax return. However, you should keep your W-2 form for your records in case of an audit or if the IRS requests it in the future.
A procedure which can be used to assess the moral health of a corporation is the?
One way to assess the moral health of a corporation is through an ethical audit, which evaluates the company's policies, practices, and behavior against ethical standards and principles. This involves reviewing areas such as corporate governance, social responsibility, compliance with laws and regulations, and treatment of stakeholders. Another method is conducting stakeholder interviews or surveys to gauge perceptions of the company's ethics and reputation.
How long must an accountant keep clients records?
Typically, accountants should retain clients' records for a minimum of five to seven years, as recommended by the Internal Revenue Service (IRS). However, certain documents like tax returns, supporting documents, and audit reports may need to be kept longer based on state laws or specific industry regulations. It's essential to consult with legal counsel to ensure compliance with relevant retention requirements.
What various defenses may auditor use in defending against a suit brought by a client?
An auditor may defend against a suit brought by a client by showing that they conducted the audit in accordance with professional standards, that the client's losses were not caused by the auditor's actions, or that the client failed to provide accurate information. Additionally, the auditor may argue that the client's claims are time-barred or that the damages claimed are unreasonable.
How long do you have to keep patient charts who are involved in a medical study?
The length of time patient charts must be kept for those involved in medical studies can vary depending on the specific regulations and guidelines of the study, as well as legal requirements in different jurisdictions. In general, patient charts should be retained for a minimum of 6-10 years after the study is completed to ensure that data is available for reference and audit purposes. It is important to consult with legal counsel and study protocols to determine the exact retention requirements for each study.
What is the difference between cost audit and management audit?
Mgt audit is not compulsory under the law .cost audit in certain industry ,it is legally compulsory
Is audit compulsory for sole proprietorship?
Proprietorship which has turnover above 60 lacs wil have to compulsory Audit. Sijo
What does the CPA do in an audit?
In an audit of financial statements, the CPA examines the transactions that underlie an entity's financial statements and reports whether the financial statements are fairly stated in conformity with generally accepted accounting principles.
What is the difference between Financial Audit and Cost Audit Describe each of them?
between financial audit and cost audit
Difference between cost audit and financial audit?
Cost audit is done to audit the cost elements of unit costs while in financial audit, audit of financial statements is done to find out information provided is true and fair or not.
What does an audit achieve?
Audit is a practice to find out that does financial statements of business are prepared according to standards and policies and whether it presents the true and fair business activities or not.
What is the Difference between HR audit And Financial Audit?
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
Roles of external audit?
To check the financial statments of a company and form an opinion on whether they are free from material misstatement.
What is the goal of the Single Audit Act?
The goal of the SAA is that one audit can provide both a basis for an opinion on the recipient entity's financial statement and a basis for determining whether federal financial assistance program resources are being managed and controlled appropriately
What is commercial audit and how is it different from financial audit?
A financial audit looks into the legality of the financial statements of a given company. Commercial audits confirm that a company has the right to use the brands and products that it advertises.
What is the difference between investigation audit and conventional audit in financial statement audit?
Purpose of investigation audit is to find out the evidance of the specific agenda for which investigative audit is conducted while conventional audit objective is to find out that financial statements represents the true and nature of business or not.
Which type of audit is compulsory for a banking organization?
"CONTINUOUS AUDIT" is essential to a bank so as to maintain a correct flow of amount in both in and out flow.
