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ACC311 - Fundamentals of Auditing GDB No. 1 Solution and Discussion Spring 2018 Due Date: May 23, 2018

ACC311 - Fundamentals of Auditing GDB No. 1 Solution and Discussion Spring 2018 Due Date: May 23, 2018 

Total Marks 10
Starting Date Thursday, May 17, 2018
Closing Date Wednesday, May 23, 2018
Status Open
Question Title GDB on Tax Audit
Question Description

GDB (ACC311)

Fundamental of Auditing

Covering Lecture 1-12

Topic for Discussion: “Tax Audit”

Learning Objectives:

  • To assess the knowledge related to Audit and its different types
  • To assess the importance of tax Audit
  • To asses and understand the application of tax Audit in certain cases

Scenario:

Tax audit is becoming increasingly in demand due to tightening of the tax policies by the Government of Pakistan and constant changes in the tax legislation. Companies those are subjected to mandatory financial audit once a year usually pass a tax audit. But if they are not required to conduct an independent financial audit of their accounts once a year then it is always advisable by the analysts to do the tax audit on their own before the audit by the authority - FBR. It is commonly known as an initiative tax audit approach.

Being the student of “Audit” what do you think it is expedient to conduct tax audit in the following independent cases:

  1. Change of chief accountant of the company
  2. Formation of an effective business strategy for taxation
  3. Restructuring due to high debt
  4. Completion of an important business transaction

Important Instructions:

  • Carefully review your GDB before submission as it cannot be replaced once it is submitted.
  • Your discussion must be based on logical aspects of the topic requirements with proper justification.
  • Use the font style “Times New Roman” and font size “12”.
  • Your answer should be relevant to the topic i.e. clear and concise.
  • Word limit for GDB is 500.
  • Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
  • Books, websites and other reading material may be consulted before posting your comments; but copying or reproducing the text from books, websites and other reading materials is strictly prohibited. Such comments will be marked as Zero (0) even if you provide references.
  • You should post your answer on the Graded Discussion Board (GDB), not on the Moderated Discussion Board (MDB). Both will run parallel to each other during the time specified above. Therefore, due care will be needed.
  • Obnoxious or ignoble answer should be strictly avoided.
  • You cannot participate in the discussion after the due date via email.
  • Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.
  • For planning your semester activities in an organized manner, you are advised to view schedule of upcoming Assignments, Quizzes and GDBs in the overview tab of the course website on VULMS.
  • As you know that load shedding problem is also prevailing in our country. Keeping in view the fact, you are advised to submit your GDB well before time without waiting for the due date. For your convenience; you have been communicated so that you can manage your activities, therefore no excuse will be entertained after due date of GDB.


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