East Bay Business Daily

Audit Evidence - What is the difference between Tests of Controls and Tests of Details? I am reading up on Audit Evidence and I understand that Substantive procedures consists of Tests of Details and Analytical procedures. My book states that Tests of Controls means obtaining sufficient appropriate audit evidence about the operating effectiveness of the internal controls of the client entity in preventing, or detecting and correcting material misstatements. Tests of Details = These are used to obtain audit evidence regarding certain assertions about account balances. How do these two differ? I would be very grateful for an intelligent simple response. Thank you.

How do i audit a policy document?What areas should I look at and how should it be written? I have been asked to audit a policy to see if it meets the national requirements. I know I need to basically compare the company policy to the national recommendations to see if everything is covered, but how should it be written? What sections should the audit include?

What's the difference between internal audit and external audit? What's the difference between internal audit and external audit?

Way to verify if an IRS tax audit was performed, and the outcome of that audit? If a person did not submit their taxes for multiple years and and they were reported - is there a way to verify that the audit was done? Also, if the person moved since the initiation of the reporting to the IRS, does any action need to take place? The person has maintained a job in the public workforce over the years, including the present time. Thank you!

How long can the IRS hold open my audit? I rceceived a notice of audit on my 2003 income taxes in Oct of 2004. I have not rec'd a call from them to set up an appt. Is it my duty to tell them to audit me? How long can they hold this over my head?

How important is it to you that there is an audit of the Federal Reserve? They have never been audited since their creation in 1913. They create money out of thin air and are the biggest fraud since the beginning of mankind. Do you support an audit and the abolishment of the Federal Reserve Banking cartel and have our own government print and coin our own money rather than some private banking monoply?

What to look for when finding someone to do forensic audit of mortgage loan? I was on a site that gave a free audit to see if there were possible violations on my HUD-1 paperwork for my mortgage. It asked a few simple questions. From the info I gave, it showed that there might possibly be violations. What should I be looking for when hiring someone to do an audit?

How does the IRS determine who to audit? I am pretty sure it is not random? Do they look at your adjusted gross income (agi) and compare it to the average deductions for everybody with a similare agi and audit you if you deviate too much from everybody else?

How much will the yearly audit for the 2nd year of a non profit cost? Our first year audit was for 6 months of operation. Our 2nd year will be fore 12 months of operation. The first year was 4 days of audits. I use Quickbooks so everything went very smoothly. I don't expect any issues on the 2nd year. Also, what does a CPA charge for a Form 990 for the 2nd year?

Can IRS audit you after you receive refund check? Hi! My parents recently turned in their 2003 tax return. They received a refund check from the IRS. Now, like a month and a half later, they receive a notice of examination and want a bunch of information. Is this some type of glitch or can they come back after issuing a refund and decide to audit you? Thanks.

Why Quality audit is important for an enterprise and what are the appropriate measures to put in place in the? Why Quality audit is important for an enterprise and what are the appropriate measures to put in place in the company so as to ensure the success of this project?

What is the difference between an energy audit infrared tool and a thermal camera? I would like to know as much information as possible on the advancements in thermal infrared and energy audit technology tools and what devices will be required to help save this country $1 billion in energy costs. I would also like to start a business in this field.

Is it legal for the same tax auditor to audit a person twice within a 12 month period? My mother and I are small business owners. We were audited twice within a twelve month period by the same auditor. After the first audit, it turned out the IRS owed us. Now we're being audited again within only 9 months of the first audit. Is there anything we can do. My mom and I are small business owners and the stress of this (as well as my grand mother's illness) is beginning to make her sick. Any advice would be helpful. Thanks.

Is it common for the IRS to audit returns to verify cost basis on Sch D? Since IRS does not receive cost basis data from mutual funds, do they often ask for documentation for cost basis? And do they often audit individuals for this purpose?

What triggers an audit of your unemployment contacts? What triggers an audit of your unemployment work search contacts? Does filing an extension do this?

What triggers an audit for an individual? other then random, what are the main red flags that would trigger an automatic audit?

What is the best way to find an entry audit position in public accouting firm? I graduated on May 2004, and qualified to sit for CPA exam in NY. however, I didnt get into any public firm and I worked in a small private company as an accounting assistant for 2 years. any experience accounting people can give me advise how I can get an entry level position in any public accounting firm ? I want to build up my audit experience.

How many years of income does a normal tax audit span? Do they normally just audit one year or several years for a more complete picture?

What are the differences between an external and internal audit? Also, why should an external audit be performed annually?

Describe the audit circumstances in which the auditors are likely to decide to confirm accounts payable? Principles of Auditing This is an internal control and Auditing class taken in the United States Auditing Financial Statements United States The confirmation of accounts payable is not a generally accepted auditing procedure. Describe the audit circumstances in which the auditors are likely to decide to confirm accounts payable Weak Internal Control Over Accounts Payable Lack of Vendor's Statements What else? Is this answer correct?

For a federal tax audit, can you deny providing previous tax year returns? I have a friend who is going through a major face to face tax audit next week. I remember reading somewhere that if the auditor asks for a previous year tax return that you should refuse to do this. It went on to explain why and how do refuse nicely. Does anyone know about this or remember reading this article. It was sometime in the last 1-2 months in a magazine and could have been in Money but I cannot find it now.

Can a CPA firm assist an audit client with finding staff for positions not related to financial reporting? A CPA firm can't assist an audit chient with finding staff for positions that are not related to fiancial reporting; true of false?

Can an IRS Audit be transfered to a different branch or state? If I am audited in Florida, can I transfer the audit to a different state (say Utah) if my Legal Representative is located there?

How does one audit telephone bills for refunds? I currently audit utility bills of manufacturers or processors. This is done to qualify them for Sales Tax Exemptions and Refunds under Predominate Useage Statutes. I perform an engineering study certifying that over 50% of their utility is used causing a physical or chemical change in tangible personal products normally for sale. As some of my clients have heard of telephone audits, they ask me about them. I will appreciate any help in this area. Thank you for your time and attention to my question. And if you happen to be a manufacturer or processor hopefully I can get you some money and cut your utility bill. Thanks again, Bob.

Is the irs more likely to audit the long form over the short? AND if they audit you, can you just say, let's forget the deductions and refile with the standard deduction. If they question any of the deductions, say you can't find all the receipts (even though they are legit) Seems like a simple solution to me. Would they let you do that? Ya think?

What is the role of the certified public accountant in the audit process? What is the role of the certified public accountant in the audit process?

What is the interest rate for payment on an IRS tax audit? I owe 15,000 from an 05 audit. I have the money but would rather make monthly installments on the money. I have good credit. First off would they let me make payments if I could pay it off in full? Secondly, what is the interest rate that they charge and are their hidden fees? Indiana what are you talking about?

I would like to start electrical audit & energy saving business after 8 yrs of exp of sales? I have completed DEE and 8 yrs exp in sales of LV switchgear and now I would like to start my own business in field of energy audit & energy saving business. How do start that and how is market potential for the same.

If you are being audited as an individual, and you are the President of a Corporation,can the IRS audit it? If I am being aduited as an individual, and I am the President of a Corporation, can the IRS audit the Corporation as well? If they find a problem with your individual return, would they automatically aduit the Corporation?

What do I do if the paperwork I need for a IRS Audit got destroyed? I just found out that I will be going through a IRS Audit. I had all of my paperwork got destroyed due to a leaky roof. What do I need to do? Am I screwed? I left out some important information, I had filed a schedule C. What do I do about vehicle records and inventory records all of the stuff that pertained to my personal buisness. I held a job to.

When do you have to start paying taxes and what is an audit? I'm only 18. I've heard so much about people paying taxes and how stressful it is and I was wondering when do people become required to start paying taxes? And, in a nutshell, what is an audit?

What is the concern of an auditor after completing the audit for it's client? 1-the client involved in carmaker 2-what should an audit do after the completing the audit? 3-how to overcome the above concern?

What is an energy audit? How do you conduct an energy audit? A group of friends are arguing about what an energy audit is. I thought it would be enlightening to bring this question to a wider audience.

What information should an Audit Firm seek in its investigation of a Prospective client? I know an audit might ask for basic information like the name, but there are some information I'm missing that only an audit knows.

How energy audit on a companies kwh usage of each computer? can any one find out what IT products are available to do an energy audit on a companies kwh usage of each computer connected to the network.. For example, We want a device that plugs into a client's network that finds all the computers on the network and then detemines how much energy they are using.

Can I audit an agent who had power of attorney over my late grandpa? Grandpa died and grandma made a series of questionable bank transactions. Can I sue, audit, order a lie dectector test to somehow verify that all of the transactions were in the families best interest?

In the process of amending 2007 income returns I efiled and received notice the State is performing an audit!? I just e-filed my state and fed returns. I came across information that was not included in the returns and was in the process of filing an amendment when, today's mail brought a notice from the state that they are performing an audit on the return that was submitted. We are due a refund and the form states it is a "desk audit" What do we do?

What will be learned about the Federal Reserve, from the upcoming audit? Today the Senate voted 96-0, in favor of Sanders amendment to audit the Federal Reserve. What do you expect we will find out from auditing the Fed?

Would a full audit of the fed cause mass panic and undermine the central banks independence? Some economists are using this as an argument to impede an audit of the federal reserve. Is this a legitimate concern?

What is the average wage for a senior audit associate in one of the Big Four in the Mid-Altantic Region? I am currently thinking of moving to Mid-Altantic Region and finding a job there. Want to find out what is the average wage for a senior audit associate there as compared to maybe san francisco, california, new york.

What happens if their are no accounting firms willing to conduct an audit for an organization.? While I know their are accounting firms that will conduct audits of high risk companies, some will still be to risky for even the niche market audit firms. How do these firms file with the SEC. If they can't file how does the company survive?

When performing an internal audit, how do find out if anyone is stealing money? I have offered to help perform an small internal audit for our volunteer company. I was wondering if anyone has any suggestions on some things to do/look for when trying to ensure that no money is being stolen. Any suggestions would be helpful!

When do I need to ask the IRS for an audit? I don't work and my husband has been at his job for 15 years and is just now making $37000.00 a year. We don't own any property and we had almost $10,000.00 worth of deductibles and we never got a dime of it back on our taxes. Should I ask the IRS for an audit?

where can I find examples of an audit diagram? I am creating a diagram with Visio and need to see an example of a detailed audit flow to get an idea of what these should look like. I'd like to know how to create an audit diagram---are there certain standards or rules that these should follow?

If your audited by the IRS, can you write off the cost incurred during the audit, such as bills from your cpa? fwiw, I'm a loan officer who is 1099'd. I am currently undergoing an audit for the years of 2004 and 2005. i have probably paid my cpa in the neighboorhood of $3,000 dollars thus far and i was just curious if I could write off this money as a business expense, or in some other way.

How do I use the $3,000 deduction for childcare? Would there be increased risk of an audit? My mom has been coming to my house to help me babysit while my wife and I work. I've been giving her cash to reimburse her for food and gas. It probably came out to $3600 for the year. I just found out that I could claim $3,000 for childcare expenses. Is this the same situation as a household employee? Was I supposed to keep careful records and deduct social security or unemployment taxes? If I claim the deduction, my mom will need to claim the income. Would that expose us to additional risks of an audit? Is it worth the extra hassle and paperwork?

How do I request an audit of my teachers grading habits? My teacher groups the people she likes in one area then groups the people she doesnt like in another. Our class is small, only 13 people. There are 4 people in the class she doesnt like and I am one of them. She gives favourable marks to the group she likes even when our work is clearly superior. I'd like to request an audit of her grading habits. I'm not sure how to do this, does anyone know how?

Does writing off gambling losses make you more prone for an audit? I lost a couple thousand at a casino, but I am hesitant to write off the amount because I do not want to increase the chances of an audit. I expect to receive a win/loss statement from the casino shortly. taxtaxtaxtaxtax...thanks everyone.

Should the government be required to have a complete audit before voting on a stimulus bill? Do you think there is a trillion dollars worth of waste in our government that could be eliminated through a complete government audit at all levels of government? This audit would be city level to federal level since states are given subsidies by federal taxes. Why should the government keep rewarding themselves for failed practices while the people starve?

What are the pros and cons of working in tax versus audit in a big 4 accounting firm? I was offered an internship in audit in a large office. They recently indicated a need for tax interns. Which would be my better choice to go with?

What exactly is crazy or loony about asking for a public audit of an institution that set and controls? monetary policy for the U.S..Or is 96 years too soon?Or was the now defunct Coopers and Lybrand audit sufficient given their excellent record with Phar-Mor?

Anybody ever get a home energy audit? Has anyone ever hired someone to do a home energy audit where they connect a blower on your door and test your house for leaks? Was it worth it? Did you notice much change in your utility bills after doing it and having the leaks fixed?

How can I have someone's money in my bank account and prove incase of a tax audit that it's not my money? My cousin is leaving to Mexico and asked me to keep his $10,000 until he comes back. I know theres a certain amount that if deposited to any account, the bank reports it to the IRS. How can I prove incase of an audit that I was just holding it for a while and it's not my money; Or what would I have to do?

How do I handle an audit on an IRA? I cashed out an IRA in 2005 that I inherited. I know the taxes were withheld. I recieved a letter saying I was being audited, so I guess I may not have included it in my return last year, my taxes are always complicated and I may have not received the 1099 or whatever. I don't have an accountant, I use TurboTax. So my question is, who do I contact now? I already requested the 1099. I know I paid the taxes. I lost the audit letter by the way. Also, what happens to this year's return?

Can my partners ex wife request an audit? My partner is self-employed and declares all earnings, but his ex wife is particularly vindictive and is insisting he earns more than he is stating. Can she take him to court and/or order an audit by the inland revenue? We have 3 kids to take care of, and costs would cripple us.

How do i audit a policy document?What areas should I look at and how should it be written? I have been asked to audit a policy to see if it meets the national requirements. I know I need to basically compare the company policy to the national recommendations to see if everything is covered, but how should it be written? What sections should the audit include?

What is the main cause of inefficiency when conducting at audit? Hi I just wanted to get some diverse opinions on this topic that will be crucial to an assignment I am completing for uni. My question is, audits are important for companies as they certify that the proceedings of the company are legit and so forth. But there are times when certain factors affect the efficiency of an audit. Would you (the community familiar with business and finance) agree that the main reason audits cannot be completed on time is because of a lack of cooperation between the auditor and the client? or is there another factor that affects the efficiency of an audit? specific and extensive answers are most welcome

Can the IRS audit a business that is no longer in business? Can the IRS audit a business that has closed it's doors and revolked it's business license?

Which is more advantageous, working in a bigger audit firm or a smaller one as a trainee? Well, it is obvious that everyone should try to enter a big audit firm but you can gain more knowledge by working in a smaller one. You do more specialised jobs in a big audit firm whereas you probably have to handle most affairs in a smaller audit firm. What are your opinions?

how important is it that congress is aloud to audit the federal reserve? ron paul has a bill in congress that has 209 co-signers so far that would allow congress to audit the federal reserve. What do you think this will reveal and how might this help our current economic situation?

How many ways can an IRS auditor select 4 of 10 tax returns for an audit? Please, I need help with this statistic problem. How many ways can an IRS auditor select 4 of 10 tax returns for an audit?

How to remove a member of the audit engagement team? under what circumstances,if any,should an audit engagement partner acquiesce to a cilent request to remove a member of the audit engagement team?

Can you get tax audit after receiving your tax refund? Is there a time when you known you're safe from audit?

Why is Ken Livingstone refusing to appear before the LDA audit panel? One of the first things Boris Johnson did when he became Mayor of London was to set up an audit panel to investigate potential financial irregularities during Ken Livingstone's reign. Now Ken Livingstone is refusing to appear before the panel because he doesn't consider it be a 'genuinely independent body'. Why on earth does it matter whether the panel is full of Tories, Labourites or whoever? Surely, if there's nothing to hide then he has nothing to fear? Right?

Why doesn't the IRS audit where the tax money is being wasted? They audit people and business, why not our politicians and our tax dollars?

How can I reprint an audit trail using ad manager pro? We are using ad manager pro for our ad taking at the newspaper i work for. Is there any way I can reprint an Audit Trail report?

How far back does the IRS audit your tax returns? Will you ever get an audit for a tax return 5 years or more ago?

How do I study for the audit section of the CPA exam? I have used Becker and passed the other three sections of the exam. I have taken Audit twice and scored a 70 both times. I am at my wit's end and really need to just pass. What other study courses would you recommend? Gleim? Roger Phillips? If you need any background info I work for a Big Four firm in Tax (so Auditting is not my strength) and I graduated from a top-tier university.

Is Tax Audit required for a individual consultant ? I work as a independent consultant (individual). The company i have a contract with deducts 10% tax at source before paying me. Rest of the tax i plan to pay at the end of the year after working out my expenses etc. Do i require a 'Tax Audit' in any fashion? Please advice.

What should I expect in a Texas Sales Tax Audit? We are going thru a irs audit. The auditor contacted the state, and now they are auditing us too. I went to the first state audit meeting where I gave them our books. We owe. The person called us twice. I have not heard from him since. I'm afraid to call them to see what the hold up is. Its several months. The irs audit is not over yet. Would the state be waiting for the federal findings or what. If you work for the State of Texas Comptrollers office, please reply.

Are Chartered Accountants in India are competent to audit the accounts of government institutions? What I want to know is whether the Chartered Accountants in India are technically competent & legally permitted to audit the accounts of government institutions. By government institutions I mean statutory boards or institutes set up by an act of parliament or a state legislature and not the government owned companies set up under the companies act.

Who is the present Chairman of the Philippine Commission on Audit? i'hve been roaming aroung the internet searching for the name of the present chairman of the commission on audit but i have'nt found one. hope Y! ANswers can help me...thanks!

Can an employer take away some of you pay due to a low audit score? I am a salaried manager, my audit score was lower than normal because of another employees mistake. The owner of the store has told me he is going to deduct $200 a month until the audit scores go back up. Can he legally do this?

What is cost segregation audit technique ? What is cost segregation audit technique guide and in what way it can save me some money ? Im willing to do something with one of my real easte spots that i got lately in debacle.

When do you get AUDIT by irs? after you get your refund or before your refund? When do you get AUDIT by irs? after you get your refund or before your refund?