How to Conduct Tax Audit – Part 1 Analysis of Certain Clauses Audit under Section 44AB of the Income Tax Act By Raman Jokhakar‚ Chartered Accountant Objective To understand the purposes of this Form To learn nuances of the clauses To understand audit risk To effectively carry out attestation To document adequately To disclose standard notes‚ limitations and stands To know inter links between clauses To be aware of important stands taken by Courts To understand the objective of the
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CHAPTER AUDIT REPORTS THE AUDIT REPORT WAS TIMELY‚ BUT AT WHAT COST? 3 LEARNING OBJECTIVES After studying this chapter‚ you should be able to 3-1 Describe the parts of the standard unqualified audit report. Specify the conditions required to issue the standard unqualified audit report. Understand combined reporting on financial statements and internal control over financial reporting under Section 404 of the Sarbanes–Oxley Act. Describe the five circumstances when an unqualified report with an
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Brent Staples’ A Brother’s Murder A belief I feel very strongly about proposes that all problems faced by our society have solutions. If this belief is true‚ why do problems still face us today? The answer could be a result of either laziness by the people in our society in finding these solutions or just the fact that there are too many problems to solve. Maybe this belief I have is too far out of reach to be true. On the other hand‚ Brent Staples‚ a well-respected writer‚ seems to share this
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Flash Technologies‚ Inc Memo to the Planning File by Audit Manager – General Information 12/31/2008 General Background Information Emanuel “Manny” Schwimez‚ is the CEO and chairman of the board of Flash. Mr. Schwimez is originally from Tel Aviv. He has an impressive resume‚ including a master’s degree from the London School of Economics and many years of eexecutive-level experience. He has led several high technology companies in the U.S and abroad since the early 1970’s. In 1990 he became president
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Ramsville Accounts Payable Key Issues The key problem encountered by Ramsville is that 6.5% of the accounts payable (AP) are overdue‚ causing Ramsville’s relationships with their suppliers to deteriorate. In a few cases‚ it is impacting further shipment of parts‚ potentially causing Ramsville’s manufacturing plant to miss shipping due dates and negatively impacting customers. Ramsville’s irregular distribution of workers and the inefficient accounts payable process has led to
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Team C analyzed the accounts payable‚ accounts receivable‚ payroll‚ and inventory systems for Kudler Fine Foods. Kudler would now like to see a proposed audit schedule for these systems. The team will distinguish between the types of audits that may use for each process. The team will also recommend the most appropriate audit for each process and explain how to conduct the audits. Identifying events that may prevent reliance on auditing through the computer will also be presented to Kudler for
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CONTROLS IN AN EDP ENVIRONMENT The second standard of field work requires that we obtain a sufficient understanding of the client’s internal controls (I/C) to plan the audit and assess control risk. We hope that our assessment of control risk shows it to be low so that we can reduce substantive testing‚ thereby reducing audit costs. When EDP is used in significant accounting applications‚ then you must consider the effects the computer has when evaluating the internal controls. The auditor’s
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specilSpecialised audit services SECTION 2: SPECIALISED AUDIT SERVICES 2003-04 This section of the report includes information on audits conducted over and above the regularity audits. These include the following: • Forensic audits • Performance audits • Integrated audits • Performance information reviews For an explanation of each type of audit‚ please refer to my 2003-04 Activity Report. It is important to highlight that some of the forensic and performance audits result in a report to management
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Identifying relevant Malaysian Financial Reporting Standard with Inventory Cycle Referring to have been stated above‚ the selected company was a small sized entity and therefore‚ the processes under its inventory cycle was not complex like those in retailers as well as manufacturers. Figure 1.1 Inventory cycle with shaded area for activities related to MFRS Principally‚ the fundamental issue in accounting for inventories is to define the amount to be recognized as asset as well as amount
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have traditional values. “In a non-smoking carriage‚ Miss Emily Brent sat very upright as was her custom. She was sixty-five and did not approve of lounging‚” (page 7). Being so impoverished Emily‚ is completely willing to take a free vacation. She doesn’t even know who for sure who is inviting her to Soldier Island. “With her income so much reduced and so many dividends not being paid…”(9 & 10)
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