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what is audit
what is audit???
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Tax audit is an examination/review of accounts of the business /profession from income tax viewpoint such as income, deductions, compliance with income tax law etc.
Simply Said, Check out the "True State" of Accounts...
Simply Said, Check out the "True State" of Accounts...
Traditionally,auditing means verification of transactions with books of account.But,scope of audit has been increased from financial to non-financial to fraud,invesigation and forensic audit.
Depending about types of audit,audit has different meanings.
Above tax audit has been defined by raja sir.Other common types of audit are as follow:-
Statutory audit-------to give true and fair view of state of affairs of entity and cash flow
Internal audit---------to give true and fair view of operating effectiveness of entity
if we do tax audit then what income tax department will do???
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