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Q. Explain about Wash Sale?
Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 days after or before the sale. Stock or securities for this purpose comprises contracts or operations to acquire or sell stock or securities. Losses incurred in a wash sale can't be deducted. It doesn't matter if total 60 day period begins in one tax year and ends in another. Though disallowed loss isn't permanently lost. Instead, basis in the newly acquired stock or securities is the same basis as of stock or securities sold, adjusted by the difference in price of stock or securities.
ILLEGAL ACTS Auditors may uncover criminal offences committed by a client or an employee of the client. This puts them in a difficult place, though the auditor must act careful
Requirements of the Companies Act Here the seventh schedule to the Companies Act gives the matters which must be expressly stated in the AUDITOR'S REPORT 1. Where they have
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example of it security policies in Hardware
This charter defines the mission, independence and objectivity, scope and responsibilities, authority, accountability and standards of the Internal Audit function. A charter i
Procedures in computing the work of the expert The auditor must obtain reasonable assurance that the expert's work constitutes appropriate audit evidence in support of the fina
Furniture, Fixtures and Disposal of Non-Current Assets Furniture, fixtures and fittings The only matter here to note is the depreciation of fittings and fixtures. Since
Why is studying Auditing different from studying other accounting topics?
IAS 37 Provisions, Contingent Assets and Contingent Liabilities IAS 37 was mattered in order to deal along with the subjective area of provision and to prevent the requiremen
what is confirmation letter?
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