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IF BANK NOT COVER CHARGES TO ITS CUSTOMERS THAN WE SAID THAT ITS A REVENUE LEAKAGE. CHARGES MEANS-INTERESTS,INSPECTION CHARGES, PROCESSING CHARGES, LOCKER RENT CHARGES etc.
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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.
What are the Advantages and disadvantages of in house internal audit function?
Internal audits help businesses track their revenue. A disadvantage of an internal audit is the fact that it requires human resources businesses can't really afford to dedicate to audits.
What is the difference between Financial Audit and Cost Audit Describe each of them?
between financial audit and cost audit
Difference between audit plan and audit program?
an audit program may contain several audit plans
What is the process of preparing an audit?
The process of preparation for audit depends on the kind of audit to be performed, it's objective and scope. The scope of the audit is key to the planning process. The planning required or statutory audit is different from internal audit; it also differs from forensic audit?
What is a concurrent safety audit?
A concurrent safety audit is a safety audit performed at the same time as some other activity, often a financial audit.
What is concurrent audit?
Concurrent audit is a systematic and timely examination of financial trascation on a regular basis to ensure accuracy, compliance with procedure and guidelines.
How far back can revenue Canada audit?
six years
What does the term 'leakage effect' refer to?
The term leakage effect has to do with tourism and the loss of revenue to other countries. The way a country makes up for leakage is to have hotels in foreign countries.
What substantive procedure would you perform in the audit of revenue?
Mostly Analytical procedures are performed when verifying Sales / Revenue
What revenue control measures can be applied to minimize leakages?
Non- revenue water can control minimize leakage. This is a type of business.
How many years back can Revenue Canada audit?
7 years
What is concurrent audit of bank?
the bank sets a questionaire which has to be checked and reported
What is revenue leakage?
When the money made in a country does not stay there, but goes back to the country where the main owner of the industry is from.
Can you give a good sentence for dishonest businessman?
The dishonest businessman was caught out by a surprise audit by the Inland Revenue.
How can a person or business best be prepared for a possible audit by internal revenue service?
By having complete and accurate records.
What is revenue leakage in banking How do you identify and prevent it?
Claptek’s Digital Twin for Revenue Assurance analyses the revenue stream processes identifying problems of revenue generation to increase the profitability. Increase profitability and mitigate revenue leakage by reconciling consumption, billing information, contract terms and serviced products. It continually optimises your organisations revenue chain to improve the bottom line and establishes an on-going process to avoid future leakage. Strengthens the decision making by serving as an aggregation point for your organisation’s revenue streams and possible leakages. iCAST Digital Twin – A Revenue Assurance Application It is an analytics-based real-time integrated solution, which fills in as a twin to the Core Administration System of the organization. It empowers organizations to accomplish precision in day-to-day transactions of the business, in this way enabling them to exhibit their responsibility of trust, towards every one of their stakeholders viz., End Customers, Intermediaries, Employees, Auditors, Board Members, Regulator and so forth. Diminish revenue leakage with a strong revenue assurance platform iDT. Revenue assurance is an essential part of big business enterprises that deal in finances, guaranteeing organizations have clear oversight to stay away from potential revenue leakages. To know more…
