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Q: What best three words describes audit plan?
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Continue Learning about Accounting

What best describes an audit?

The official inspection of an organisation's accounts by an independent body


How can a person or business best be prepared for a possible audit by the internal revenue service?

The best way to prepare for an audit is to get all of your records in order. You also want to make sure that all of your taxes have been filed.


How Internal audit is different from Risk based internal audit?

A risk base internal audit is latest approach to ensure best practices aiming at maximizing the impact of audit by focusing on the major strategy ,regulatory, financial and operation risk that confront an organization while internal audit is traditional independent examination of financial and operation of an organization to ensure economic,effective and efficiency utilization of an organizations resources


What phrase best describes the basis of income tax?

Which phrase best describes the basis of seals taxes


What is unqualified audit report?

While the word 'unqualified' may seem to have a negative spin on it, it is actually the best type of audit report a company can receive. Once an audit is complete, the audit partner will produce a report the the owners if the company giving his/her opinion on the accounts. An unqualified report will say that there are no material misstatements and the accounts seem to be true and fair. If there are issues with the accounts that the auditor needs to bring to the attention if the company owners, he/she will produce a modified (qualified) audit report instead.