This Tutorial contains 6 Sets of Midterm Exam 1.
Types of Auditing Positions Auditors perform two broad types of work - the financial audit and the performance audit. The Financial Audit - Financial audits include financial statement and financial related audits.
Financial statement audits provide an opinion on whether the financial statements of an audited entity present fairly the financial position, results of operation, and cash flows in conformity with generally accepted accounting principles. Financial related audits include determining whether: Financial audits may cover a broad range of subjects.
The subjects include financial statements such as statements of revenue and expenses, statements of cash receipts and disbursements, and statements of fixed assets. They also include financial information in items and matters such as those governing the bidding for contracts, amounts billed, amounts due, safeguarding assets, and responses to allegations of fraud.
Financial audits may include response to Congressional requests, hotline allegations, allegations of fraud, and support for investigations of fraud. The performance audit is an objective and systemic examination to provide an independent assessment of the performance of a government organization, program, activity or function.
Performance audits are of two types - the economy and efficiency audit, and the program audit. The economy and efficiency audit determines whether an entity acquires, protects, and uses its resources such as personnel, property, and space economically and efficiently, the causes of less than maximum performance, and whether the entity complies with applicable laws and regulations on matters of economy and efficiency.
In an economy and efficiency audit, the auditor may examine such matters as: Department of the Treasury. Internal Revenue Agents conduct independent on-site examinations or participate in team examinations of the Federal income tax returns of individuals, businesses, corporations, and other entities to determine correct tax liabilities.
The federal government employs 11, in this occupation. All work for the IRS.
The issues in individual returns typically involve questions about such matters as sources and amounts of income, reporting requirements, pensions, the amount of and whether deductions are allowed, gains and losses from sale or exchange of personal property or income-producing assets, and credits.
Other issues may relate to profit and losses from a profession or business such as calculations for expenses, deductions for interest and taxes paid, losses and bad debts incurred, depreciation, repairs, and amortization of capital expenditures, employment taxes, and capital gains or losses.
Corporate business issues involve issues such as business income and expense, alternative minimum taxes, intangibles, capitalization of inventories, related party transactions, changes in accounting methods, and built-in gain tax questions.
Agents identify issues they will pursue based on large, unusual, or questionable items in the return or information missing from the return. They decide which issues should produce significant tax or compliance effect and the potential for collection.
When determining the scope and depth of an examination, the agents identify the appropriate tax laws and facts needed to resolve the issues, prepare an audit plan and a schedule for conducting the examination, identify sources of information, and determine any need for functional area specialists.
During the early stages of the examination, agents gather information about the taxpayer's economic status, business history, operations, organization and structure, accounting practices, internal controls, and record-keeping systems.
They modify the examination approach based on information gathered and research related to trends in the specific industry, effects of the economy on the business for the period under examination, and laws specific to the business.
They find areas of error or abuse, including isolating instances of non-filers and possible fraud.
They are aware of trends in tax evasion methods and techniques and recognize indicators of fraudulent activities, such as understatement of income and improper deductions.Read this essay on Accounting Case Study 1.
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This series covers positions that advise on or administer, supervise, or perform professional accounting work that requires application of accounting theories, concepts, principles, and standards to the financial activities of governmental, quasi-governmental, or private sector organizations.
Department of Finance & Administrative Services Contact. Sanjay Bhakta, Director, Finance and Administrative Services - () [email protected] 1 Civic Plaza NW Albuquerque, NM Accounting Contact.
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