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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

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  • Use the font style “Times New Roman” and font size “12”.
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  • Word limit for GDB is 500.
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