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You may face to face this question if you apply for an audit company:D
Wiki User
∙ 15y ago
Wiki User
∙ 9y agoYou would want to join a tax audit or tax advisory business because you like math. If numbers are your thing, accounting is a great career choice.
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What service does the company Appel offer?
Appel offers several services such as, Litigation support, Tax related services, financial planning. Tax related service such as audit assist, year end tax planning, and business advisory. Accounting and auditing services.
How can you motivate people to be tax conscious?
audit them.
Can statutory audit be done after tax audit?
Statutory Audits are those mandated by a statute. So by that definition even tax audit is a statutory audit.The management of the organization makes the appointment of an internal auditor. The statutory auditor is appointed by different authorities. First statutory auditors are appointed by the shareholders in the annual general meeting. The main object of the statutory audit is to form an opinion on the financial statement of the organization auditor has to state that whether the financial statements are showing the true and fair view of the affairs of the organization or not. The main object of the internal audit is to detect and prevent the errors and frauds.The scope of the statutory audit is fixed by the company act. it can not be changed by mutual consent between the auditor and the management of the audited business unit. The scope of the internal audit is fixed by the mutual consent of the auditor and the management of the unit under audit.
Which party owns audit workpapers?
The audit work papers are owned by the auditors, they are designated as the owners of the working papers in an Audit firm in UAE. These papers are confidential between auditor and the client. You can get more information about Auditors or Auditing firm in Dubai at " www . flyingcolourtax . com "
Maxall company audit results?
Meaning of Substantive Audit and the approach applied in EM's Audit of Maxall.What do you think the auditors meant by the term "Substantive Audit"? Was the substantive approach appropriately applied in EM's audit of Maxall?Here the term substantive Audit refers to the test of account balances with respect to the transactions relating to it.Yes the substantive approach was appropriately applied in this audit which was confined to Accounts Receivables, in relation to sales.Comparison of Audit Procedures that are in accordance with Generally Accepted Auditing Standards.Identify and discuss specific audit process/procedures that the auditor(s) performed that were in accordance with Generally Accepted Auditing Standards.We have got three types of tests performed under substantive audits, as per the Generally Accepted Auditing Standards, namely(I) Test of Transactions,(II) Test of balances(III) Analytical review procedures.(I) Test of transaction: It is an auditing procedure related to examining specified transactions and supporting documentation. It is part of the testing process used by the auditor to check internal-controls reliability. It is undertaken to gather evidence so that an audit opinion can be rendered as to the fairness of financial statement presentation. Included in such a test is verifying transaction amounts and tracing transactions to accounts in the financial statements.Here this test was confined to Accounts receivable, sales and inventory.(II) Test of Balances When EM compares the book balance of cash to the book balance, it is a test of balances. This is the step in which the Auditor seeks to obtain sufficient evidence to make a final judgment on the extent of losses or account misstatements that have occurred or might occur.Here, in this audit, the CPA's obtained evidence relating to the Accounts receivables with respect to the sales made during the year. They found out that 6 invoices made at the year end and confirmed those with the concerned customers.(III) Analytical review is an auditing process that tests relationships among accounts and identifies material changes. It involves analyzing significant ratios and trends for unusual changes and questionable items. Included in the analytical review process are: (1) reading important documents and analyzing their accounting and financial effects; (2) reviewing the activity in an account between interim and year-end, especially noting entries out of the ordinary; and (3) comparing current period account balances to prior periods as well as to budgeted amounts, noting reasonableness of account balances by evaluating logical relationships among them (i.e., relating payables to expenses, accounts receivable to sales).Only a part of Analytical review was made by EM for this company. They made certain adjustments relating to sales and Provision for doubtful debts.Identification of Audit Errors made by EM and Precautionary measures to be taken.Identify the specific audit errors made by EM and discuss what the auditorshould have done to avoid the errors.Inherent risk is the susceptibility of EM audit area to error which could be material, individually or in combination with other errors, as there were no related internal controls. Here we can see a possible error relating to Material. The material level was fixed at $35000 for 20x1 and $50000 for 20x2 which was not substantiated. There is no proper evidence to set these levels for the Material. As per the CPA standards the Material Level should beUnder single Rule5% of pre-tax income0.5% of total assets1% of equity0.5% of total revenuesOrUnder Variable rule2 to 5% of gross profit, if less than $20,0001 to 2% of gross profit, if between $20,000 and $1 million0.5 to 1% of gross profit, if between $1 and $100 million0.5% of gross profit, if more than $100 million.These rules have not been followed here.Comparison of audit in compliance with latest professional guidance.The scope of a forensic audit is to fix blame or answer a question. A forensic audit seeks proof, not reasonable assurance. Here the auditors have conducted a normal audit. When they found out the sales made in late December 20x1 and 20x2 to Balco limited, was given 90 to 120 days credit limit, they should have enquired into the reasons behind it and should have gathered enough evidence for evaluating the credibility of the customer. But they accepted the Mary Maxwell assurance for this customer. This evidence clearly shows that this audit was not conducted entirely in compliance with the professional guidance regarding the forensic-type phase of audit.
What are the types of tax audit?
from my view and what i learned, there is only two types of tax audit that includs (a) desk tax audit (b) field tax audit
What service does the company Appel offer?
Appel offers several services such as, Litigation support, Tax related services, financial planning. Tax related service such as audit assist, year end tax planning, and business advisory. Accounting and auditing services.
How much does an employee of PwC earn?
A senior advisory associate at PwC earns an average of $85,809 per year. The average salary for an audit associate is $52,408. The average salary for an advisory associate is $59,260, and the average annual salary for a tax associate is $57,500.
Sample of Tax Audit Report and how to write?
A tax audit report summarizes the results of an IRS tax audit. In order to writer an audit, you must thoroughly analyze an individual's tax records and write our their findings and suggested actions.
Tax Audit Services?
There are many laws drafted in India that govern different kinds of audits like an income tax audit, cost audit, stock audit, company, or statutory audit as per the Companies Act, 2013. Income tax audit evaluates whether an individual or company has filed tax returns of the assessment year appropriately. Section 44AB of the Income Tax Act of 1961 lays down the provisions for an income tax audit.
Is tax audit a statutory audit?
no because tax audit is perform to fair tax calculation and payment purpose.and statutary audit is perform as per company act.it is mandatory but above the prescribe limit satish pathak
What does the company Deloitte specialize in?
The company "Deloitte" specializes in a wide variety of financial advice for individuals, businesses, and organizations. Consulting, audit, financial advisory, and risk-management, and tax services are offer to clients.
How can I avoid a tax audit?
The simplest thing to do to avoid a tax audit is to hire a tax professional. H&R Block is a great company to use.
Where can I get help for an IRS tax audit?
For an IRS tax audit, you should speak with a qualified accountant and a qualified attorney. These professionals can best guide you through the process of an audit.
What is the difference between tax audit and statutory audit?
Audit under any statute in a Country(State) is called statutory audit & Audit under any taxation law is called tax audit. For example books of accounts are audited under the Companies Act, 1956 (Statutory Audit) and Financial Statements of companies are prepared as per the provisions of this Act. Books are also audited under the Income Tax Act, 1961 and the income arrived at as per the provisions of this Act is taxed (Tax Audit).
What services are available from Deloitte Touche?
There are a few services offered from Deloitte Touche. Some of these services include; Audit, Tax assessment, Consulting and financial advisory. Some services may be limited, on a case by case basis.
What does Deloitte do in the UK?
Deloitte is the second largest professional services network in the world by revenue and has 193,00 employees in more than 150 countries providing audit, tax, consulting, enterprise risk and financial advisory services.
