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Whether it is compulsory for IT audit for gross sale of rs44lacs in a financial year?
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A procedure which can be used to assess the moral health of a corporation is the?
"A procedure which can be used to assess the moral health of a corporation is the...external audit."The above answer is serious. No interviews of the staff, management or directors, no observation of the practices, no study of the policies will tell as much about the morality of the company as it's finances will.
What is the statute of limitations on state income tax or federal income tax or sales tax?
First, there are many different SOLs, mainly ones for auditing the info, assesment of the tax and collection of the tax...as you see a progression that added together can be a long time.Many States simply have none at all for many taxes...and may collect it at any time they can.Depending on certain things, generally, the audit SOL is normally 3 or 4 years. However, a substantial underpayment, normally more than 25%, can extend that too. And how the days are counted can be a bit strange..but more importantly, that they can be "tolled" (stopped), by many things, most noteably from when the Dept sends a notice, received or not, until you respond for example. filing bankruotcy, leaving the country, many other things toll the SOL. So ignoring them and waiting for the time to run doesn't work.Sales tax can be even a bit different, because those are trust funds that you hold for the State...the audit periods are normally more like 2 years to notify of an audit to see the proper things were taxed. But if it is a matter of your not payng over what you collected, then it is a criminal matter and a whole other set of rules may be invoked.Importantly for many is to understand the SOL only starts to run when a return is filed. If you don't file, you are perpetually open and will never time out.So ignoring them or avoiding them and notices or whatever, and waiting for the time to run doesn't work. Uh...it's been thought of by many before, over many years...do ya really think that's all there is to not paying?what is the statute of limitations on Virginia state taxes?
What is the law in Massachusetts for car repossession?
In Massachusetts if you fall behind in your car payments, your car lender can not just take your car. However, after you are 30 days past due a lender can decide to repossess your car (this can also happen if you fail to keep your car insured). A lender must send you a notice called the "Rights of Defaulting Buyer under the Massachusetts Motor Vehicle Installment Sales Act" giving you 21 days to cure the default. If you do not cure the default and the lender takes your car, you must be given a second notice stating the creditor's intention to sell the car and giving you an additional 20 days to redeem it.When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car.Talking with Your CreditorIt is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late.Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying.Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report.Seizing the CarIn many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance.But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace.Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property.A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation.Selling the CarOnce your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold.In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale).In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession.The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable.Paying the DeficiencyA deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing.In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract.Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense.If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.Remember this repossession will stay on your credit for 7 years.A car loan Audit can get you relief even if your car has been repossessed. In a staggeringly high percentage of car loans, federal and state compliance laws were broken during the process of purchasing the vehicle and loan funding. Violations found during the compliance audit of these finance documents may prevent repossession and entitle car owners to a refund or modification.The Benefits of an Audit May Include:GETTING THE MONEY BACKReceiving all money (down payment and monthly payments), and returning the vehicle.KEEPING THE CAR, FREE AND CLEARKeeping the vehicle and receiving the clear title, with no further payments or debt.WALKING AWAY CLEANWalking away from the financing entirely, without any negative credit ramifications.MODIFIED LOAN PAYMENTSPayment reduction or modification of the loan terms.STOPPING REPOSSESSIONPrevention of the vehicle being repossessed.Go to www.weaudityourloans.com to learn more
Where can one find an IRS Tax Debt Relief attorney in Syracuse NY?
In order to find an IRS Tax Debt Relief attorney in Syracuse, NY, someone should go to Findlaw and search the Syracuse area for an attorney. Taxplanning411 is also a good place to find an IRS Tax Debt Relief attorney for Syracuse.
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.
