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The representations letter covers all periods encompassed by the audit report, and is dated the same date of audit work completion. It is used to let the client's management declare in writing that everything is MRL and is sufficient and appropriate and without omission of material facts to the financial statements, to the best of the ...
A tax audit is an examination of an individual or business tax return by the IRS to ensure the taxpayer has accurately reported income and paid the correct amount of taxes. Tax audits can be ...
A demand letter, letter of demand, [1] (of payment), or letter before claim, [2] is a letter stating a legal claim (usually drafted by a lawyer) which makes a demand for restitution or performance of some obligation, owing to the recipients' alleged breach of contract, or for a legal wrong.
An acceptance credit is a type of letter of credit that is paid by a time draft authorizing payment on or after a specific date, if the terms of the letter of credit have been complied with. The bank "accepts" bills of exchange drawn on the bank by the debtor , discounts them and agrees to pay for them when they mature .
A tax refund interception, also referred to as a tax refund offset, is the act of an agency responsible for sending tax refunds using all or part of a refund to fulfill an obligation of the taxpayer rather than sending the money to the taxpayer him/herself.
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The Audit Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by Community law requiring all statutory audits be carried out on the basis of all international auditing standards.
For instance, observation of payment of wages and salaries, physical count of inventory or opening of mail. This helps the auditor to have an assurance whether official procedures are followed 3. Inquiry Inquiry consists of seeking information of knowledgeable person inside or outside the entity.