AN OVERVIEW OF TAX AUDIT

Jun 21st, 2015
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The main objective of the tax audit is to compute the taxable income according to the law and for maintaining transparency in the financial statements filed by the assessees with the Income-tax department.

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AN OVERVIEW OF TAX AUDITG. Ramaswamy Council member ICAI INTRODUCTION The main objective of the tax audit is to compute the taxable income according to the law and for maintaining transparency in the financial statements filed by the assessees with the Income-tax department. The tax audit u/s. 44AB of the Income-tax Act 1961 is significant practice area for Chartered Accountants. Since the introduction of tax audit, we have been given responsibilities to discharge the duties as tax auditors for the proper compliance of tax law by the assessees. AUDIT The Institute of Chartered Accountants of India has defined auditing as follows A systematic and independent examination of data, statements, records, operations and performances (financial or otherwise) of an enterprise for a stated purpose. In any auditing situation, the auditor perceives and recognises the propositions before him for examination, collects evidence, evaluates the same and on this basis formulates his judgment which is communicated through his audit report.DocumentationThe auditor should document the matters, which are important in providing audit evidence that the audit was carried out in accordance with the basic principles, which are governing audit.audit evidenceThe auditor should obtain sufficient and appropriate audit evidence, which will enable him to draw reasonable conclusions there from on which base his opinion on the financial information.confidentiality-The aud

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