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What are The procedures designed to make sure a company's financials are accurately reported and that the company is complying with laws and regulations?
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Can someone give your name to IRS to have an audit conducted on you?
Yes..Anyone can turn in anybody that they suspect of tax fraud. The IRS has a form (3949-a) that you fill out (anonymously)and report that they are not complying with the tax laws.
What are the three broad areas of accounting?
Major accounting firms are usually organized into three divisions:Assurance performs audits of financial statements to determine whether they are presented in accordance with Generally Accepted Accounting Principles.Taxation assists companies in complying with international, federal and state tax laws.Advisory services provides expertise in information systems technology, and other decision-making.Accountants typically work in one of three areas:Public accountants usually work for accounting firms.Managerial accountants and internal auditors work for companies.Government accountants work for government at different levels, keeping government records or enforcing government regulations.
Can my employer ask to see my tax forms?
Absolutely not. Those are confidential. The only entity that I know of that can ask for this information is a mortgage company when they are reviewing for a modification of terms. No other entity I know of can ask for these, legally. Of course, anyone can ask for anything they want to but complying is up to you.
Can i avoid capital gains tax if i convert a Rental Home to a 2nd Home?
No. It would become taxable upon the conversion. It is the same as a sale. You can at least defer tax on the section by complying with Section 1031 transacton needs. A highly complex thing that you should have a specialist help with.
Difference between operational audits and compliance audits?
Operational AuditsAn operational audit is a review of any part of an entity's operating procedures and methods for thepurpose of evaluating efficiency and effectiveness. At the completion of an operational audit,recommendations to management for improving operation are normally expected.An example of an operational audit is evaluating the efficiency and accuracy of processing payrolltransactions in a newly installed computer system. Another example, where most accountants would feelless qualified is evaluating the efficiency, accuracy, and customer satisfaction in processing the distributionof letters and parcels by a courier company such as TCS.Because of the many different areas in which operational effectiveness can be evaluated, it is impossible tocharacterize the conduct of a typical operational audit. In one organization, the auditor might evaluate therelevancy and sufficiency of the information used by management in making decisions to acquire new fixedassets, while in a different organization the auditor might evaluate the efficiency of the paper flow inprocessing sales.In operational auditing, the reviews are not limited to accounting. They can include the evaluation oforganization structure, computer operations, production methods, marketing, and any other area in whichthe auditor is qualified.The conduct of an operational audit and the reported results are less easily defined than for either of theother two types of audits. Efficiency and effectiveness of operations are far more difficult to evaluateobjectively than compliance or the presentation of financial statements in accordance with accountingconventions and principles; and establishing criteria for evaluating the quantifiable information in anoperational audit is an extremely subjective matter.In this sense, operational auditing is more like "management consulting" than what is generally regarded as"auditing". Operational auditing has increased in importance in the past decade.Compliance AuditsThe purpose of a compliance audit is to determine whether the entity is following specific procedures, rules,or regulations set down by some higher authority.A compliance audit for a private business could include determining whether accounting personnel arefollowing the procedures prescribed by the company controller, reviewing wage rates for compliance withminimum wage laws, or examining contractual agreements with bankers and other lenders to be sure thecompany is complying with legal requirements.In the audit of governmental units such as districts school, there is extensive compliance auditing due toextensive regulation by higher government authorities. In virtually every private and non profit organization, there are prescribed policies, contractual agreements, and legal requirements that may call for complianceauditing.Results of compliance audits are typically reported to someone within the entity being audited rather than toa broad spectrum of users.Management, as opposed to outside users, is the primary group concerned with the extent of compliancewith certain prescribed procedures and regulations. Hence, a significant portion of work of this type is doneby auditors employed by the entity itself.There are exceptions; when an organization wants to determine whether individuals or entities that areobligated to follow its requirements are actually complying, the auditor is employed by the entity issuing therequirements.An example is the auditing of taxpayers for compliance with the federal tax laws, where the auditor isemployed by the government to audit the taxpayers' tax returns.Following table summarizes the three types of audits and includes an example of each type and anillustration of three of the key parts of the definition of auditing applied to each type of audit. for more studyExamples of the Three Types of Audits
What does complying with consumer-protection regulations do?
Complying with consumer protection regulations increases production costs and raises prices.
Who is responsible for complying with OSHA?
The employer is responsible for complying with OSHA regulations, but an employer can hold an employee accountable for failure to follow directions or established procedures intended to ensure compliance.
Is it illegal to agree to terms and conditions when you are actually not complying with their regulations?
No
Why weren't they enough life boats in the Titanic?
The Titanic was complying with the regulations of the time.
What are the possible outcomes if being procescuted for not complying with legislation and regulations?
Fines, sanctions, or jail.
Why tokyotower coloure is orange?
Tokyo Tower is orange because that is complying with air safety regulations
How do companies pay for the costs associated with complying with consumer-protection regulations?
by raising prices
What is done with the cost of complying with costumer protection regulations?
eventually passed on to consumers in the form of higher prices
What happens to the expenses involed in complying with government regulations?
passed on to the consumer
Compliance in a sentence?
Compliance is the act of complying with a command or obeying a command. The factory was in compliance with all safety regulations.
What is asserted in a compliance audit?
In a compliance audit, an organization's management asserts that the organization or individual is complying with specific laws and/or regulations.
What is done with the costs of complying with the consumer protection regulations?
Government regulations are needed but they add to the costs of complying with the regulations. Most often this results in a higher price for consumers. But that is not always the case. Companies benefit all around by cutting the costs of production with new technologies. These cost savings can at times offset the cost of regulations.
