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Tax Audits

Tax audit refers to the examination and verification of returns and other relevant tax documents submitted by a legal entity or an individual to the state’s tax agency. The audit is usually conducted by a certified public accountant.

1,102 Questions

Is it Zero tax on a motorcycle?

Sorry. As far as I know, all states charge a tax for any vehicle on the road.

What is PHONE means in monsoon sound system?

I have no idea but...my battery recently died and now it says phone...i tryed putting in the security code but it just says PHONE....if u have figured it out PS email me wildcatz1000@hotmail.com

Is audit of a charitable institution a statutory audit?

Federal, state and local government agencies - Some non-profit organizations receive grants or other awards from government agencies, and the related agreement may require that the recipient organization have an organization-wide audit that includes some level of testing of compliance and internal controls.State law in Pennsylvania, for instance, requires organizations soliciting funds for a charitable purpose to register with the Department of State's Bureau of Charitable Organizations, file an annual registration statement, a copy of its IRS Form 990, and the appropriate financial statements. Organizations receiving $300,000 and over must file audited financial statements with the annual registration form.Internal control;management and/or those charged with governance (i.e. the Board of Directors) may believe that having an annual audit is a good internal control over financial reporting and safeguards assets of the organization. In general, an audit should not be relied upon as a primary internal control. This can be expensive, and while testing may be done for transactions that occurred throughout the year, the annual audit is performed once a year at the end of the organization's fiscal year.

Identify at least three audit procedures for review and tests of compliance for HARDWARE CONTROLS?

  1. Review the entity's hardware inventory to ensure that all hardware components are accounted for and adequately secured.
  2. Inspect physical security controls such as access panels, security cameras, and locks to ensure that they are in place and functioning properly.
  3. Test the functionality of security controls such as firewalls, intrusion detection/prevention systems, and anti-virus software to ensure that they are effective in protecting the network.

What is the definition of profit and loss in mathematics?

Profit:If the selling price(S.P.)of an article is greater than the cost price(C.P.), the difference between the selling price and cost price is called a profit.

loss:If the selling price (S.P.) of an article is less than the cost price(C.P.),the difference between the cost price and selling price is called loss.

What is the difference between income tax and service tax?

Income tax is the tax that is charged to your income that can be paid with the preparation of tax forms or is withheld from your paycheck. Service tax refers to the tax that is charged for services, like care repair.

What are the types of internal finance to a firm?

Internal finance is money which is used to help the firm but the the money comes from within the business for example: A internal finance to a firm is last year's profit.

What is an Internal auditing?

According to The IIA which oversees the profession of internal auditors, it is defined as an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

How long do you need to keep business documents for the IRS or other government agencies?

As a rule, it is best to keep all records for tax purposes for 7 years well it also depends sometimes for 3 years. It is better to consult IRS for the same

Briefly explain the Srilankan tax system and its impact?

in Sri Lanka all taxes are imposed by the Parliment and different authorities collect and administer different type OS taxes.

In Sri Lanka number of taxes have been imposed and following are the taxes imposed by way of tax, leavy, or Charges.

Income Tax, Value Added Tax, Economic Service Charge, Social Responsibility Levy, Port & Airport Levy, Debits Tax, Stamp Duty, Regional Infrastructure Development Levy, Custom duty, Cess, excise duty will be main.

For further information, please visit WWW.TAXSRILANKA.COM

What is the meaning of statutory company?

statutory co is a company which is passed by a special act by central or state legislature.like-indian railway,icai etc.

This co dont required to have its MOA because the rules $ regulation are alredy written in such Act.

the audit of such co is conducted by CAG

How long does a audit take?

Depends on what developes and how quickly you agree to suggested resolution

What are the advantages of statutory auditing?

advantages and disadvantages of non statutory audit

What are the components audit expectation gap?

Expectation gap caused by unrealistic user expectations such as:

1. The auditors are providing complete assurance.

2. The auditor is guaranteeing the future viability of the entity .

3. An unqualified audit opinion is an indicator of complete assurance.

4. The auditor will definitely find any fraud.

5. The auditor has checked all transactions.

Should the results of inconclusive audit test be included in audit workpapers?

Published papers should be conclusive in all aspects. Inconclusive paper might be not worthy for the reader which gives only the problems.

What is direct and direct tax?

A direct tax is a tax that is paid directly to the government by the person who is working. An indirect tax is when a person pays taxes to a store and then the store has to pay the taxes to the government.

What are the main steps in the night audit process?

The main steps when conducting the night audit process includes security checks. The processing of the late charges, processing floats and the balance of the shifts.