Sage-Tips

Can we prepare for CA final during Articleship?

Students find it difficult to study for CA Final as they are pursuing Articleship. While the Articleship period passes through time, one finds it hard to clear the exams. So, you should start preparing for CA final as early as possible. Utilize this time properly.

Is auditing a practical subject?

As mentioned earlier, Audit is a practical subject and the understanding of the subject is very important. Doing a question-based study helps us understand what kind of questions are going to come in the exam and helps us to prepare for the same.

What is final auditing?

The final audit is a section of the audit test (What is Reasonableness Test?) that the auditors will usually perform on their customer’s financial statements after their customer has generated their company’s financial statements or at the end of the year.

Which documents or schedule may be required to get auditing started?

Following documents or schedule may be required to get auditing started − Stock statement with value and method of valuation. Schedule of debtors and creditors. Schedule of fixed assets. Schedule of prepaid outstanding expenses, expenditure and income.

What should I do to prepare for a tax audit?

Understand the scope of the tax audit. Mail audits are limited to a few items on the audit letter you received from the IRS. Office and field audits require more work. You’ll need to gather the information/documents that the IRS is requesting, and prepare to answer in-depth questions about your finances and activities.

How does the IRS decide which returns to audit?

IRS audits usually aren’t random. The IRS selects returns that are the most likely have errors, based on complex criteria. After you file a return, the IRS usually has three years from that point to start and finish an audit. The IRS starts most tax audits within a year after you file the return, and it finishes most audits in less than a year.

What happens if you disagree with the results of a tax audit?

If you disagree with the results, appeal to the appropriate venue. Within 30 days, you can request an appeal with the IRS Office of Appeals. After 30 days, the IRS will send you a letter, called a Statutory Notice of Deficiency. This letter closes the tax audit and allows you to petition the U.S. Tax Court.

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