Auditing is done to see if a taxpayer has been doing some false accounting. And the tax man has gotten a clue that the taxpayer is not paying all of the taxes required. You don't want the taxman after you. They will rape you of all of your money.
The similarities between auditing and accounting is that both are concerned with keeping records of a business. The other similarity is that both ensure that the correct financial statement of a business are prepared.
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The most recent legislation in India concerning the preparation and auditing of accounts is the Companies Act, 2013, which has undergone amendments over the years to enhance corporate governance and financial transparency. The Act outlines the requirements for financial statements, auditing standards, and the responsibilities of auditors. Additionally, the Ministry of Corporate Affairs periodically issues notifications and amendments to further refine the regulatory framework, including updates related to the Indian Accounting Standards (Ind AS).
Identify and explain the problems that are associated with cooperative auditing in Nigeria
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They are fundamental principles assumed to be truths which help to explain the social purpose of Auditing and / or audit practice.
Auditing a class means attending lectures and participating in discussions without receiving a grade or credit. It differs from taking a class for credit because in the latter, students are required to complete assignments, exams, and earn a grade that contributes to their academic record.
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Auditing investigates account details, bookkeeping methods, procedures, and practices. If any irregularities or suspicious situations are noted an investigation may be recommended.
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