Tax Audits

It's now called "Statement of Income and Expenditure" according to the newly introduced IFRS.

Profit and loss is nothing but an statements which shows the net profit and net loss during a period.

Internal audit is the name of department who performs the audit while interim audit is the audit which other than statutary audit and it is perform during the fiscal year and it is performed to help the final audit procedures which is done after the completion of fiscal year.

what is the difference between statutory audit and non statutory audit.

Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.

at least a week.

Jennifer Lopez

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types of operational audit?

The current date does not need validation; it can be read directly from the system clock. However, validating a date against the system clock does not guarantee that date is current; it is only current when the system clock is set correctly.

it is prepared by auditor for taking action to complete their assignment in well manner.

of course

it's every people's right to vote

An audit (financial or non-financial) therefore indicates detailed examination and verification of an account, a situation or a state.

Given this definition, the application of an audit varies from financial audits to marketing audits; from fire safety audit to statutory refulations requirements audit(like ISO, HAACP etc). Very large scale audits include an audit of the city.

The purpose of carrying out the audit varies. In the case of a fire safety audit, we are ensuring environmental safety. In the case of an annual financial audit, the primary purpose of its existence is the protection of stockholders in publicly traded What is the purpose of an audit.

To this end, my reply is that the purpose of an audit is to verify and examine in detail if there is accuracy in information. However, the type of audit being carried out may have a deeper underlying purpose which is being addressed.

Specifically, the purose of an audit is to perform an independent assessment of an action, function, or system, in order to determine the effectiveness of that action, function, or systems ability to control risk.

Guidance Note on Audit Reports and Certificates for Special Purposes

1. Introduction

1.1 Government authorities may, under various statutes or notifications, require reports or

certificates from auditors in support of statements or other information prepared by an enterprise.

Reports or certificates on specific matters may also be required from auditors by an enterprise,

for its own special purposes. These reports or certificates cater to specific requirements of the

individual users unlike a 'general purpose report' e.g. an auditor's report on financial statements

which is intended for general use. An audit report or certificate for special purpose is one to

which the format of general purpose audit report is not applicable.

1.2 This note is intended to provide guidance to members who way be called upon to give audit

reports or certificates for special purposes (herein referred to as 'reporting auditors'). Reports on

profit and/or financial forecasts and on tax audit do not fall within the scope of this guidance

note.*

2. Scope of Special Purpose Audit Reports and Certificates

2.1 Audit reports or certificates for special purposes may be issued in connection with:

a. financial statements which are prepared in addition to general purpose financial

statements;

b. specified elements, accounts or items of a financial statement;

c. compliance with requirements of any agreement or statute or regulation;

d. financial information given in special purpose formats or schedules;

e. compilation of statistics or ascertainment of basic figures e.g., for the purpose of fixing

quotas or levies.

2.2 A reporting ' auditor Should appreciate the difference between the terms certificate' and

'report'. A certificate is a written confirmation of the accuracy of the facts stated therein and does

not involve any estimate or opinion. A report, on the other hand, is a formal statement usually

made after an enquiry, examination or review of specified matters under report and includes the

reporting auditor's opinion thereon. Thus, when a reporting auditor issues a certificate, he is

responsible for the factual accuracy of what is stated therein. On the other hand, when a reporting

auditor gives a report, he is responsible for ensuring that the report is based on factual data, that

his opinion is in due accordance with facts, and that it is arrived at by the application of due care

and skill.

3. Responsibility for Preparation of Special Purpose Statements

The primary responsibility for the contents of a special purpose statement rests with the

enterprise and this would be evidenced by a suitable declaration or authentication by the

management on the face of the statement.

Opinion shopping in auditing, where companies seek favorable opinions from multiple auditors, can provide advantages such as potentially finding a more lenient auditor who may overlook certain issues, which can result in a more favorable financial outlook. However, disadvantages include the risk of undermining the integrity of the audit process, as it may lead to a lack of accountability and transparency. Additionally, this practice can damage the auditor's reputation and erode stakeholder trust if discovered, potentially leading to regulatory scrutiny and negative consequences for the company involved.

April 15th

there are two types of audit, external and internal. Internal audit is necessary in any business enterprise in order to determine adherence to company policies and determine losses due to irrregularities by employees. External audit is likewise mandated for the final presentation of the financial condition and statement of earnings by the company for a certain particular period, either a calendar or fiscal year as mandated also by government regulatory agencies of a country.

Ernst & Young audits Amazon.

what is the purpose of an audit trail

sell drugs :)

The Federal Reserve cannot control the money supply perfectly due to several factors, including the complexities of the banking system, the behavior of consumers and businesses, and the influence of external economic conditions. Banks may hold excess reserves or change their lending practices in response to economic conditions, which can alter the money multiplier effect. Additionally, factors like fiscal policy, global economic events, and changes in public confidence can impact the effectiveness of monetary policy. As a result, while the Fed can influence the money supply, precise control is inherently limited.