(Audit evidence) The third GAAS of field work requires that the audito.docxdorisc7
(Audit evidence) The third GAAS of field work requires that the auditor obtain sufficient competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under audit. In considering what constitutes sufficient competent evidential matter, a distinction should be made between underlying accounting records and other information available to the auditor.
Required
Discuss the nature of audit evidence to be considered by the auditor in terms of the underlying accounting records, other corroborating information available to the auditor, and the methods by which the auditor tests or gathers competent evidence.
State the presumptions that can be made about the validity of audit evidence with respect to (1) other information and (2) underlying accounting records.
AICPA (adapted)
Solution
Audit evidence
the information available the auditor in arriving at the conclusions in which the audit opinion is based and includes the information contained in the accounting records underlying the financial statement and other informations.the auditor should obtain the audit evidence by testing the accounting records , by analysis and by review. the accounting records some times cannot give the full evidence.the sufficient and approprate evidence is based on the quality of the evidence.some of the SAAs guidliness are given below
1.the evidence are obtained by directly by the auditor. it is more relaible than indirectly obtained by the individual.
2. evidence are more relaible isobtained from the uotside of the entity
3.evidence is more reliable when it is in documentary form.
accounting records
the accounting records involving the evidence of the internal control over financial reporting.it also check reports such as cheks, invoices,contracts,etc..
the important audit procedures are
1.to understand client and industry : priliminary planning and risk analysis
2.access the risk of meterial misstatement : understand and test internal controls and system processing
3.to gather evidence related to account balance and transactions.
.
Objectives & Agenda :
To know when an appeal can be made before a Commissioner, High Court and Supreme Court. To gain knowledge regarding the pre-requisites for filing an appeal. To understand the provisions relating to the fines, penalties and the time limit in an appeal. To gain insight regarding the procedure followed during an appeal.
External Confirmation is a tool used in substantive procedures.Ayesha Majid
An external confirmation is audit evidence obtained as a direct written response to the auditor from a third party (the confirming party), in paper form, or through electronic or other medium. Requesting external confirmations is a commonly used audit procedure in an audit of financial statements. It can be useful in obtaining audit evidence about relevant financial statement assertions regarding such items as receivables and payables, bank and other third party deposits and liabilities, investments, inventory, guarantees, contingent liabilities, significant transactions outside the normal course of business.
External is governed by ISA 500 as discussed previously and confirmation is dependent upon audit evidence received by third party. External confirmation procedure are given is ISA 330 and 240. Each external confirmation has its own method of request defined in audit procedure and most common is bank confirmation, which was discussed in detail in the report.
The document provides an overview of India's Faceless Assessment Scheme. Key points include:
1. The scheme aims to make the tax assessment process faceless, paperless, and anonymous through the use of technology.
2. Assessments will be conducted by assessment units organized under National and Regional E-Assessment Centers, removing direct interaction between taxpayers and individual tax officers.
3. Most income tax cases will be eligible for faceless assessment, except for certain sensitive cases involving serious tax evasion.
4. The document outlines the legal provisions, organizational structure, and step-by-step procedures for conducting assessments under the new faceless system.
The document provides an overview of India's Faceless Assessment Scheme for transparent taxation. Key points include:
1. The scheme aims to eliminate physical interface between taxpayers and tax officers to make assessments more efficient and impartial.
2. Assessments will be conducted by various centralized units - National e-Assessment Centre, Regional e-Assessment Centres, Assessment Units, Verification Units, Technical Units, and Review Units.
3. The procedure involves notices being served by the National Centre and cases assigned to Assessment Units, who may request additional information or verification by other units.
Representation before Applellate AuthoritiesMehul Shah
This document discusses representation before various appellate authorities for income tax matters in India. It provides details on the timeline for filing appeals to the Commissioner of Income Tax (Appeals), Income Tax Appellate Tribunal, High Court, and Supreme Court. It also outlines the forms required (Form 35 and Form 36) and procedures for filing appeals, including grounds of appeal, statement of facts, enclosures to submit, and dress code for appearances. The document notes the Dispute Resolution Panel mechanism and process for rectification requests filed online. Overall, it serves as a guide on navigating the Indian income tax appellate system.
This document provides information about appeals procedures, advance rulings, and settlement provisions under service tax law in India. It covers a presentation for a certificate course on indirect taxes.
The presentation discusses appellate procedures before the Commissioner (Appeals), including who can file an appeal, the timeline and process for filing, grounds for appeal, and the commissioner's powers regarding hearings, orders, and remanding cases. It also briefly mentions advance rulings and settlement provisions will be covered.
(Audit evidence) The third GAAS of field work requires that the audito.docxdorisc7
(Audit evidence) The third GAAS of field work requires that the auditor obtain sufficient competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under audit. In considering what constitutes sufficient competent evidential matter, a distinction should be made between underlying accounting records and other information available to the auditor.
Required
Discuss the nature of audit evidence to be considered by the auditor in terms of the underlying accounting records, other corroborating information available to the auditor, and the methods by which the auditor tests or gathers competent evidence.
State the presumptions that can be made about the validity of audit evidence with respect to (1) other information and (2) underlying accounting records.
AICPA (adapted)
Solution
Audit evidence
the information available the auditor in arriving at the conclusions in which the audit opinion is based and includes the information contained in the accounting records underlying the financial statement and other informations.the auditor should obtain the audit evidence by testing the accounting records , by analysis and by review. the accounting records some times cannot give the full evidence.the sufficient and approprate evidence is based on the quality of the evidence.some of the SAAs guidliness are given below
1.the evidence are obtained by directly by the auditor. it is more relaible than indirectly obtained by the individual.
2. evidence are more relaible isobtained from the uotside of the entity
3.evidence is more reliable when it is in documentary form.
accounting records
the accounting records involving the evidence of the internal control over financial reporting.it also check reports such as cheks, invoices,contracts,etc..
the important audit procedures are
1.to understand client and industry : priliminary planning and risk analysis
2.access the risk of meterial misstatement : understand and test internal controls and system processing
3.to gather evidence related to account balance and transactions.
.
Objectives & Agenda :
To know when an appeal can be made before a Commissioner, High Court and Supreme Court. To gain knowledge regarding the pre-requisites for filing an appeal. To understand the provisions relating to the fines, penalties and the time limit in an appeal. To gain insight regarding the procedure followed during an appeal.
External Confirmation is a tool used in substantive procedures.Ayesha Majid
An external confirmation is audit evidence obtained as a direct written response to the auditor from a third party (the confirming party), in paper form, or through electronic or other medium. Requesting external confirmations is a commonly used audit procedure in an audit of financial statements. It can be useful in obtaining audit evidence about relevant financial statement assertions regarding such items as receivables and payables, bank and other third party deposits and liabilities, investments, inventory, guarantees, contingent liabilities, significant transactions outside the normal course of business.
External is governed by ISA 500 as discussed previously and confirmation is dependent upon audit evidence received by third party. External confirmation procedure are given is ISA 330 and 240. Each external confirmation has its own method of request defined in audit procedure and most common is bank confirmation, which was discussed in detail in the report.
The document provides an overview of India's Faceless Assessment Scheme. Key points include:
1. The scheme aims to make the tax assessment process faceless, paperless, and anonymous through the use of technology.
2. Assessments will be conducted by assessment units organized under National and Regional E-Assessment Centers, removing direct interaction between taxpayers and individual tax officers.
3. Most income tax cases will be eligible for faceless assessment, except for certain sensitive cases involving serious tax evasion.
4. The document outlines the legal provisions, organizational structure, and step-by-step procedures for conducting assessments under the new faceless system.
The document provides an overview of India's Faceless Assessment Scheme for transparent taxation. Key points include:
1. The scheme aims to eliminate physical interface between taxpayers and tax officers to make assessments more efficient and impartial.
2. Assessments will be conducted by various centralized units - National e-Assessment Centre, Regional e-Assessment Centres, Assessment Units, Verification Units, Technical Units, and Review Units.
3. The procedure involves notices being served by the National Centre and cases assigned to Assessment Units, who may request additional information or verification by other units.
Representation before Applellate AuthoritiesMehul Shah
This document discusses representation before various appellate authorities for income tax matters in India. It provides details on the timeline for filing appeals to the Commissioner of Income Tax (Appeals), Income Tax Appellate Tribunal, High Court, and Supreme Court. It also outlines the forms required (Form 35 and Form 36) and procedures for filing appeals, including grounds of appeal, statement of facts, enclosures to submit, and dress code for appearances. The document notes the Dispute Resolution Panel mechanism and process for rectification requests filed online. Overall, it serves as a guide on navigating the Indian income tax appellate system.
This document provides information about appeals procedures, advance rulings, and settlement provisions under service tax law in India. It covers a presentation for a certificate course on indirect taxes.
The presentation discusses appellate procedures before the Commissioner (Appeals), including who can file an appeal, the timeline and process for filing, grounds for appeal, and the commissioner's powers regarding hearings, orders, and remanding cases. It also briefly mentions advance rulings and settlement provisions will be covered.
The document discusses various aspects related to filing an appeal under the Income Tax Act of 1961. It begins by defining an appeal as the examination of a lower court's decision by a higher court. It then outlines the different stages of an appeal process, starting with the first appeal to the Commissioner of Income Tax (Appeals), then the Income Tax Appellate Tribunal, High Court, and Supreme Court. The document provides details on the relevant rules regarding appeals, circumstances for producing additional evidence, important points to consider when filing an appeal, and guidelines for effective representation before appellate authorities.
This document establishes an advance ruling system for valuation and rules of origin by the Bureau of Customs in the Philippines. It defines key terms and outlines the process for importers and exporters to request advance rulings, including requirements, timelines, effects of non-compliance, modifications and appeals. Requesting parties can get official and binding assessments on customs valuation and origin of goods in advance of import or export transactions.
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It is IMPORTANT TO NOTE that when claims/charges raised ARE NOT DENIED and/or addressed, they (as a matter of law) are DEEMED ADMITTED!
This document outlines the disciplinary procedures for government servants in India. It discusses the purpose and authorities for disciplinary proceedings, the roles of those involved, and the stages of conducting an inquiry. These include framing a charge sheet, conducting an inquiry, issuing an inquiry report, and the procedures for imposing both minor and major penalties. The document provides details on the composition of charge sheets, conducting departmental inquiries, the roles of various officials, and communicating the final order.
This document contains Georgia statutes related to appellate procedures and certiorari. It includes sample forms for notices of appeal and cross appeal for both civil and criminal cases. It also provides the grounds for dismissal of an appeal, such as failure to file notice of appeal on time or if the questions presented have become moot. The statutes allow courts to order amendments to correct errors or omissions to perfect the appeal. They also state that failure to perfect service shall not affect the validity of certiorari proceedings, only be grounds for continuance.
The document outlines requirements for audit documentation according to standards set by the PCAOB. Audit documentation provides written evidence of the audit procedures performed, evidence obtained, and conclusions reached. It must include enough detail to allow an experienced auditor not connected to the audit to understand the work done. Significant audit findings and issues must be documented along with their resolution. Documentation must be retained for seven years after the audit report release date.
A U D I T D O C U M E N T A T I O N P R E S E N T A T I O NKarim70
The document outlines requirements for audit documentation according to standards set by the PCAOB. Audit documentation provides written evidence of the audit procedures performed, evidence obtained, and conclusions reached. It must include enough detail to allow an experienced auditor not connected to the audit to understand the work done. Significant audit findings and issues must be documented along with their resolution. Documentation must be retained for seven years after the audit report release date.
This document outlines requirements for audit documentation according to standards set by the PCAOB. It defines audit documentation as the written record of the audit work performed, evidence obtained, and conclusions reached. Audit documentation supports the auditor's conclusions and representations in their report. It must contain sufficient information for another auditor to understand the work performed and conclusions reached. The documentation must also include any significant issues identified and how they were addressed. Audit documentation must be retained for seven years after the report release date.
Recent Trends in Government Contract Cost Recovery and DCAA Audit Issuessmasie
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This document provides examples of country rules on transfer pricing documentation from Korea and India.
For Korea, it outlines requirements for taxpayers to report their transfer pricing method to tax authorities, provide requested information on international transactions, face sanctions for non-compliance, and be exempt from under-reporting penalties if contemporaneous documentation is provided.
For India, it states that documentation must be maintained under section 92D of the Finance Act, including enterprise-wise documents describing the taxpayer, transaction-specific documents, and computation documents. It provides examples of the enterprise-wise documents required.
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The document discusses audit evidence and audit documentation. It covers four key audit evidence decisions needed to create an audit program, characteristics that determine the persuasiveness of evidence, and eight types of audit evidence used in auditing. It also discusses the purposes and organization of audit documentation, and how e-commerce affects audit evidence and documentation.
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The document discusses two auditing and assurance standards:
1. AAS 19 discusses the auditor's responsibility regarding subsequent events that occur between the balance sheet date and the auditor's report date, and how they should be considered and accounted for.
2. AAS 34 establishes additional standards and guidance for audit evidence regarding specific financial statement items, including attendance at physical inventory counts, inquiries about litigation and claims, valuation and disclosure of long-term investments, and segment information disclosures. It provides requirements for procedures in these areas to obtain sufficient appropriate audit evidence.
Audit evidence is gathered through all stages of an audit from source documents, accounting records, and corroborating information. It serves three main purposes: to confirm the auditor's understanding of the client's system; to assess how the system fits within the organization; and to provide a basis for evaluating internal controls. There are several types of audit evidence, including physical examination, confirmation, documentation, analytical procedures, inquiries, reperformance, and observation.
Workshop on Understanding the Amended law of Service Tax dated 29.08.2014 Se...Agarwal sanjiv & Co
This document summarizes information presented in a workshop on service tax laws and procedures in India. It discusses the processes of enquiries, summons, audits, and show cause notices that the tax authorities can initiate. It provides details on who can conduct enquiries and audits, how taxpayers should respond to summons, and the potential outcomes of these actions, which include further investigation, issuance of show cause notices, searches and seizures, and prosecution.
The document discusses the process for filing an appeal before the Income Tax Appellate Tribunal (ITAT) and the Honorable High Court against an order of the Commissioner of Income Tax (Appeals). It provides details on the required forms and documents for filing an appeal to the ITAT, including the grounds of appeal. It also outlines the steps involved in filing an appeal before the High Court, such as obtaining approval from the Chief Commissioner of Income Tax and preparing relevant documents and authorization letters.
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South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
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What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
1. Presenting Additional
Evidence to the Income
Tax Appeals
Commissioner
When faced with an unfavorable income tax assessment, taxpayers have the
option to appeal the decision before the Commissioner of Income Tax
(Appeals), known as the CIT(A). This appellate authority holds significant
power, including the ability to consider additional evidence that was not
presented during the initial assessment proceedings. Understanding the
process and requirements for submitting this supplementary information is
crucial for taxpayers seeking to strengthen their case and potentially achieve a
more favorable outcome.
CA Niranjana B C
2. The Meaning and Scope of Additional
Evidence
1 Definition of Additional Evidence
Additional evidence refers to any oral or
documentary information that was not
previously submitted to the assessing
officer during the assessment
proceedings. This can include bank
statements, ledger extracts, witness
testimonies, and other relevant materials
that the taxpayer believes will support their
case.
2 Legal Basis
The CIT(A)'s authority to consider
additional evidence is rooted in Section
250(5) of the Income Tax Act, 1961, as
well as Rule 46A of the Income Tax Rules,
1962. These provisions grant the appellate
authority discretion to allow the
submission of new evidence, provided
certain conditions are met.
3 Circumstances for Admission
According to the Income Tax Rules, additional evidence may be accepted when the assessing
officer has refused to admit relevant evidence, when the taxpayer was prevented from producing
evidence due to a sufficient cause, or when the assessment order was passed without providing
the taxpayer a proper opportunity to be heard.
3. The Procedure for Submitting Additional
Evidence
1
Application Submission
The taxpayer must file an application
before the CIT(A), clearly requesting
the admission of additional evidence
and providing justification for its
relevance to the grounds of appeal.
2 Examination by Assessing
Officer
Upon receiving the application, the
CIT(A) will share a copy with the
assessing officer, who then has the
opportunity to examine the evidence,
cross-examine any witnesses, and
submit a report with their
observations.
3
CIT(A) Decision
After considering the taxpayer's
application and the assessing officer's
report, the CIT(A) will exercise their
discretion to either accept or reject the
additional evidence, based on its
relevance and the justification
provided.
4. Types of Additional Evidence Accepted
Oral Statements
Taxpayers may present
relevant oral statements or
testimony to the CIT(A) to
provide context, clarification,
or additional details in support
of their appeal.
Documentary Evidence
A wide range of documentary
evidence can be submitted,
including bank statements,
ledger extracts, balance
confirmation letters, and any
other records that can
strengthen the taxpayer's
case.
Witness Testimony
The CIT(A) may allow the
taxpayer to produce relevant
witnesses who can provide
firsthand accounts or expert
opinions to support the
grounds of appeal.
5. Preparing a Comprehensive Additional
Evidence Application
Justification for Admission
The application should clearly explain the
reasons why the additional evidence was not
presented during the initial assessment
proceedings, addressing the specific
circumstances outlined in the Income Tax
Rules.
Relevance to Grounds of Appeal
The taxpayer must demonstrate how the
additional evidence is directly relevant to the
grounds of appeal and can potentially
strengthen their case before the CIT(A).
Completeness and Organization
The application should be well-structured,
with all relevant documents and information
provided in a clear and organized manner to
facilitate the CIT(A)'s review and decision-
making process.
Adherence to Procedural
Requirements
Taxpayers should ensure that the application
adheres to any specific procedural
requirements, such as timely submission and
compliance with format guidelines, to avoid
any potential issues with the admission of the
additional evidence.
6. Importance of Effective Representation at
the Assessment Stage
Thorough Preparation
Taxpayers should strive to
present all relevant evidence
and arguments during the initial
assessment proceedings, as
the CIT(A)'s discretion to
accept additional evidence is
limited.
Effective Representation
Engaging experienced tax
professionals to represent the
taxpayer's interests during the
assessment stage can help
ensure that all relevant
information and arguments are
properly presented and
preserved for the appeals
process.
Comprehensive
Documentation
Maintaining detailed and well-
organized records throughout
the assessment process can
facilitate the submission of
additional evidence, if
necessary, during the appeals
stage.
7. The Discretionary Nature of Additional
Evidence Admission
Discretionary Power
The CIT(A) has the
discretion to either accept or
reject the submission of
additional evidence, based
on their assessment of its
relevance and the taxpayer's
justification for its admission.
Factors Considered
In exercising this discretion,
the CIT(A) will consider
factors such as the reasons
for the evidence not being
presented earlier, the
potential impact on the case,
and the overall fairness of
the proceedings.
Judicial Review
The CIT(A)'s decision
regarding the admission of
additional evidence can be
subject to judicial review by
higher appellate authorities,
such as the Income Tax
Appellate Tribunal (ITAT) or
the High Court.
8. Conclusion: Navigating the Additional
Evidence Process
Key Considerations Importance
Thorough Preparation at Assessment Stage Reduces the need for additional evidence and
strengthens the initial case
Justification for Admission of Additional
Evidence
Crucial for the CIT(A) to exercise their
discretion in favor of the taxpayer
Compliance with Procedural Requirements Ensures the smooth and timely admission of
additional evidence
Effective Representation by Tax Professionals Enhances the taxpayer's ability to navigate the
appeals process successfully
By understanding the rules and best practices surrounding the submission of additional evidence,
taxpayers can strengthen their case and improve their chances of achieving a favorable outcome in the
income tax appeals process.
9. Thank You for Your Interest!
Thank you for taking the time to learn about the additional evidence process in income tax appeals. If you
have any questions or need expert guidance, feel free to reach out to CA Niranjana B C, a trusted tax
advisor. Contact CA Niranjana B C via email at caniranjanabc@gmail.com or connect on LinkedIn at
https://www.linkedin.com/in/caniranjanabc.