CHAPTER 1 INTRODUCTION Background of the Study Taxation is one of the natural powers that every sovereign state possesses. It is the one wherein the state gets its funding to enable the government to discharge its appropriate functions. Every member of the society is obliged to pay taxes in order for the state to pursue its proposed plans where the citizens will get benefit from. Through taxation, manpower needed for economic development is supplied and the gains of such undertaking are expected
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Code Section 6015 - Relief from joint and several liability on joint return (f) Equitable relief under procedures prescribed by the Secretary, if— (1) taking into account all the facts and circumstances, it is inequitable to hold the individual liable for any unpaid tax or any deficiency (or any portion of either); and (2) relief is not available to such individual
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In the accounting field, some of the primary goals are to record transactions, keep financial records, perform internal audits, report and analyze financial information to the management, and advise on taxation matters. Those who are involved in the accounting management field will usually have a good understanding of the accounting process by which data relative to a business are gathered, classified, and set forth in financial reports to fully understand the basis of accounting you must first understand
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1 Session 4 Audit Planning; Materiality and the audit risk model Auditing: Principles and Methods 2 After studying this session you should be able to: 1. Discuss why adequate audit planning is essential 2. Make client acceptance decisions and perform initial audit planning 3. Gain an understanding of the client’s business and industry 4. Assess client business risk 5. Perform preliminary analytical procedures 6. Apply the concept of materiality to the audit 7. Define risk in auditing
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Executive Summary In the performance of a risk-based audit, adequate planning is of paramount importance as it allows to direct the audit effort towards the areas expected to be most at risk of material misstatement. Additionally, adequate planning helps identify and resolve problems on a timely basis and allows the auditor to organize the engagement, including selecting suitably experienced team members to deal with specific risks, so that it can be performed in an effective and efficient manner
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ACG 3401 Study Guide Exam 1 Accountants Roles * Management accountant * Internal auditor * Information systems auditor * External auitor * Tax accountant * Fraud examiner * Managerial Accountant * Provides info for mngmt decisions * Knowledge base: * * * * Business processes * Accounting information sustems * Internal controls * Managerial accouting techniques * Impact of
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this information to different users like creditors, investors, management, and regulators, etc. Accounting is the body of knowledge, which is primarily concerned with methods for recording transactions, keeping financial records, performing internal audits, reporting and analysing financial information to the management, and advising on taxation matters. In short, it is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial
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Management Standards ............................................................................................. 1 Internal Control Standards ........................................................................................................ 2 Audit Standards ......................................................................................................................... 3 Reporting Standards .............................................................................................
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S T N C O N T E Notice of Annual General Meeting 2 Statement Accompanying Notice of Annual General Meeting 3 Corporate Information 4 Profile of the Board of Directors 5 Audit Committee Report 7 Statement of Corporate Governance 11 Statement on Risk Management and Internal Control 15 Directors’ Responsibility Statement and Other Information 17 Chairman’s Statement 19 Directors’ Report 21 Consolidated Statements of Financial Position 25 Statements of Profit
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Case 4.5 Xerox Corporation 1. Xerox VS. HP Xerox Corporation has been calling itself “the document company” in its annual reports. The company is a leader in global document market. HP has been one of the major competitors of Xerox. HP is a provider of computing and imaging solutions and services for business and home. Through the period of 1997 to 2000, Xerox provide a full line of product and maintenance services of printing and copying equipment to businesses. Its document technology segment
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