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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.
Recording the Audit - ISA 230 Purpose of working papers It is necessary which all audit work is documented - the working papers are the tangible evidence of the work co
Auditors Procedures After Stock Taking It is particularly a follow up exercise and it includes: 1) Checking the cut off along with the details of last numbers of stock move
WHAT OF COST OF JOURNAL ENTRY?
Brand Names - Audit Process Few companies in current years have placed valuations on the brand names of the goods such they sell. On the balance sheet the valuation is shown.
Reference to an expert in auditor’s report When issuing an unmodified auditor’s report, the auditor must not refer to the work of the expert. This is because such a reference m
AsList and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and observation? (iii) What is the dif
phases of operational auditing reports
Describe the management system within your case study business. Assess the risk of fraud in this business, and suggest methods for detection Management system in this ca
Audit Reports - Going Concern In the vast widely of cases, the going to relate assumption is suitable and whether applied no mention require be made in the auditor's report.
Your firm has recently been appointed auditors of the Social Transport Corporation and you are commencing the audit of the wages system. The Corporation has about 2500 employee
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