Audit

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Audit

A systematic examination of financial records and statements to ensure accuracy, compliance, and adherence to regulations.

Required Documents of Audit :-

Tax on earnings from individuals or businesses, with services to assist in filing, planning, and ensuring compliance. Expert guidance helps optimize tax obligations and simplify reporting.

  • Financial Statements

    Balance Sheet, Income Statement, Cash Flow Statement, Statement of Changes in Equity

  • General Ledger and Trial Balance

    Detailed ledger accounts, pre-closing and post-closing trial balance

  • Bank Statements and Reconciliations

    Bank reconciliation statements, bank confirmation letters

  • Accounts Receivable and Payable

    Aging reports, confirmations from major customers and suppliers

  • Inventory Records

    Inventory count sheets, valuation reports

  • Fixed Assets Register

    Details of additions, disposals, and depreciation

  • Payroll Records

    Payroll registers, employee contracts, timesheets

  • Tax Documents

    Tax returns, tax payment receipts, assessments, correspondence with tax authorities

  • Legal Documents

    Articles of incorporation, board meeting minutes, contracts, agreements

  • Policies and Procedures

    Internal control policies, procedure manuals

  • Compliance Documents

    Regulatory filings, licenses, compliance checklists, reports

  • Risk Management Reports

    Risk assessment reports, incident and issue logs

  • Previous Audit Reports

    Reports from previous audits, follow-up actions on past findings

Audit: Step-by-Step Guidelines

- Collect Information: Gather all necessary documents including W-2s, 1099s, receipts, and previous tax returns.

- Choose Status: Identify your filing status (e.g., single, married, head of household) based on your personal situation.

Total Income: Compile all sources of income, including wages, interest, dividends, and other earnings.

Claim Deductions: Determine eligible deductions such as mortgage interest, student loan interest, and charitable contributions.

Subtract Deductions: Deduct allowable expenses from your total income to determine taxable income.

Apply Tax Rates: Use the current tax brackets to calculate your tax liability based on your taxable income.

Complete Forms: Fill out the appropriate tax forms (e.g., 1040) and include all necessary schedules and attachments. Submit Return: File your tax return electronically or by mail before the deadline.

Make Payment: If you owe taxes, make payment arrangements or pay the amount due by the deadline.

Check Status: Monitor the status of your refund and address any issues if necessary.

Save Documents: Retain copies of your tax return, supporting documents, and proof of payment for future reference.