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Q: Which three words best describe audit plan?
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Continue Learning about Accounting

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 best describes an audit?

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


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 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.


How do I have a successful outcome from a desk audit?

A desk audit is a follow up review of your results as well as how you arrived at them. If you follow the current best practices and policies of your department, you should be fine. I have seen them used for real estate appraisals and reclassification of government jobs.