Assesses are individuals or entities who are liable to pay taxes on their income or profits to the government. The tax system of a country may categorize assesses into various types based on their residence status, such as resident, non-resident, and resident but not ordinarily resident. The categorization of assesses based on their residence status …
(a) Auditing Standards Auditing standards are a set of principles and guidelines that auditors must follow while conducting audits to ensure that the audit is performed in a consistent and professional manner, and that the auditor’s opinion on the financial statements is reliable and unbiased. The International Auditing and Assurance Standards Board (IAASB) and the …
Cost audit is a process that involves a comprehensive examination and verification of a company’s cost accounting records and statements. The objective of this audit is to ensure that a company’s cost accounting system is operating efficiently, effectively, and accurately. The cost audit helps identify areas where cost-saving measures can be implemented and ensures that …
The auditor’s primary responsibility is to conduct an independent and objective review of a company’s financial statements. They examine a company’s financial records to ensure they provide an accurate representation of the company’s financial position. The auditor’s opinion on the financial statements is included in the annual report, which is distributed to shareholders. This opinion …
Investing in a company requires a thorough analysis of the investment opportunity before committing funds. This analysis involves verifying the accuracy of the information provided by the company and assessing the value of the investment. To verify the accuracy of the information provided by the company, due diligence is conducted. Due diligence is a comprehensive …
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Internal control, internal check, and internal audit are all critical components of a comprehensive governance framework. These three functions serve different but interrelated purposes in ensuring that an organization operates effectively, efficiently, and in compliance with applicable laws and regulations. Internal control is a systematic process that an organization uses to provide reasonable assurance that …
(a) Changing Value System: A value system is a collection of beliefs and principles that provide guidance for an individual’s decision-making and behavior. When a society or an individual undergoes a transformation in their core beliefs and principles, it is referred to as a changing value system. The factors that contribute to a shifting value …
(a) Foreign Direct Investment and Portfolio Investment: Foreign Direct Investment (FDI) and Portfolio Investment are two different methods of investing in a foreign country. FDI involves a foreign corporation or individual investing in a company located in another country. The foreign investor typically acquires a controlling stake in the company, usually 51% or more, and …
The government policy towards small scale industries has been instrumental in promoting their growth and development. Small businesses contribute significantly to the economy by providing employment opportunities, enhancing entrepreneurship, and contributing to GDP growth. The government has adopted several policies to support small businesses, including financial assistance, infrastructure facilities, training and technical assistance, reduction of …
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The regulatory role of the government refers to the responsibility of the government to establish rules and regulations to ensure that businesses, organizations, and individuals operate in a manner that is safe, fair, and in accordance with the law. This role is shaped by various factors such as political, economic, and social contexts, and the …
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