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Taxation - Audit Process
Companies suffer corporation tax. The Companies Act use that corporation tax payable on the profits of any specific year should be matched against those profits in the loss and profit account and well known as a liability in the balance sheet at the finishing of the time to that the profits relate. It means for example, whether a company has a calendar trading year so the profits for the twelve months ended on date 31 December 2003 should be shown in the loss and profit account together along with the corporation tax payable on those profits in year 2003. The tax is payable is computed requiring income tax rules such are different from accounting rules. The auditor's processes include him in:i. Obtaining the tax computation from his clients and ensuring such it is arithmetically accurate. The items disclosed as disallowable are supported through evidence and the items claimed as acceptable for example tear and wear allowances have been correctly computed in accordance along with the Income Tax Act.ii. Review of correspondence along with the Income Tax Department, paying specific attention to queries raise and how that they have been resolved, determining outstanding matters and their current status.iv. Obtaining a schedule summarising the tax liabilities such reflects the balance to be charged to the loss and profit account and the amount to be indicated as recent liability in the balance sheet.v. Disclosure of the tax position should be in accordance along with legislation and KAS 10 which both needs that the tax charged are disclosed individually in the loss and profit account and the tax payable are shown in the balance sheet within current liabilities and a note to the accounts should amplify the basis of giving for taxation.
The modern integrated audit approach combines elements of various traditional audit areas having financial, operational, and information technology.
Documentation of Representations by Management The auditor would ordinarily involve in audit working papers evidence of management's representations in form of a summary of or
Determinants of amount of audit evidence
Assessment Criteria Sheets Risk analysis report Subject Learning Outcome: To examine techniques used by auditors, including risk analysis, evidence collection and evaluation Below
The agency relationship between absentee owners and managers produce a natural conflict of interest.what does it mean?
Conducting a critical review of published literature about a topic is fundamental step in developing your research skills. A first step towards a review of the literature is to sea
Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.
An audit team is currently engaged in planning the audit of the financial statements of E Limited as at 30 June 2011. This was the first accounting period during which all the tran
Key Audit Areas - Building Society 1. The auditor must examine the process for checking deeds on receipt from the lawyers to ensure such they are complete in accordance along
Permanent Audit File The permanent audit file might involve, inter alia: a) A copy of the enterprise's statutes or statutory documents and other legal governing the enterpr
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