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4 Focus Areas of the UK Audit Commission

4 Focus Areas of the UK Audit Commission

The audit commission in the UK is an independent program that focuses on bettering the economy and allowing local public service to efficient and effective so that they can better serve their communities.
The audit commission in the UK looks into different companies including local government offices, health care centers, community rescue companies, and housing facilities to ensure that they are truthfully claiming their funds. The audit commission values the taxpayers’ money.
Focusing on four main areas, the audit commission in the UK looks at auditing, assessments, research, and data matching. The audit commission is the primary auditors of the local public companies. 
The audit commission works with councils, housing departments, and rescue services to ensure proper easements for their specific needs. Research is conducted regularly to understand all policies and how they affect company owners and consumers. Lastly, data matching is conducted to detect any fraud or errors that may have been entered.
Created in January of 1983, the Audit Commission was established for Local Authorities due to the Local Government Finance Act of 1982. By April of the same year, the Audit Commission began to work as a public corporation auditing for any company in need.  The Audit Commission consists of several commissioners and a Chairman.  
Commissioners are appointed by the communities and local governments and must be approved by key stakeholders. The entire Board meets every six weeks to discuss: the values, standards, strategies, and objectives of the commission, budgets, performance of members, and account members work.

All The Facts on Audit Reports

All The Facts on Audit Reports

An audit report is a complete documentation and/or disclaimer of an audit that has been conducted either as an internal audit or as and external audit. An audit report is provided to the company or individual being audited as well as any company that they may have falsely claimed something to. Audit reports can also be provided to the general public.  
Audit reports are important to those who are revealing financial information to other business or individuals. This can be helpful when applying for loans, looking for new investors, or even trying to gain the eye of the public. An audit report may contain the opinion and views of the person who conducted the audit and created the audit report.
Since many people may only feel comfortable undergoing in an internal audit, an internal audit report will also be created based on the information discovered in the audit. An internal audit helps a company to clarify if any mistakes were made in their audit. Internal audit reports will clearly list any issues discovered and include the original meaning or objective that the company had prior to making the mistake. 
Internal audit reports do not include any opinion of the auditor, instead it only includes the intended objectives, beliefs, and opinions of the company in question. Internal audit reports often include company policies, as well as how the company being audited is managed, a brief background of the company. Those who work as internal auditors have generally been auditing for a longer period of time and can remain completely bias to the situations at hand.

Compliance Auditing

Compliance Auditing

Compliance auditing is done to receive a comprehensive understanding and documentation of whether or not a company is following set guidelines. During an audit compliance auditors will review security policies, risk management procedures, and user access controls.  
Many aspects of a company can cause the compliance auditing to vary such as: if a company is public verses private, what type of work is done within the company, and if finical data is transmitted or stored within the company.  
During an audit compliance, auditors will ask questions to determine who has started working with the company as well as who no longer works there, as well as if these individuals still have access to any files or if their ID’s were revoked upon them leaving the company.
Compliance auditing may also include using the use of computer software to determine any changes in the computer systems as well as to help track all documentations of the company.
An IT audit, or an information technology audit, generally goes hand in hand with audit compliance. During an IT audit, an auditor will examine the computers of a company to help determine if the company is safeguarding assets, maintain data integrity, and operating properly to obtain to goals of the company. 
An IT audit is commonly referred to as and automated data processing audit.  Since both compliance auditing and an IT audit deal with accessing a company’s computer information and files, it is vital for companies who rely on computer technology to undergo in either of these if need be.

Quick Facts on IRS Audits

Quick Facts on IRS Audits

If a business or an individual is being audited, the best thing they can do is talk to either an auditor or a tax professional to see how to prepare for the IRS audit.
Generally, the IRS audits will be justified, and the company or individual will be able to clearly understand why exactly they are being audited. Every year when taxes are filed with the IRS, audits occur soon after. The information that one submits for their taxes then gets entered into the computer and assigned a numerical score. 
This score determines whether or not a company or an individual will be audited. Items that alters the score and may lead to an IRS audits include: low gross profit margin, high auto expenses, high business use of vehicles, high travel, vast amount of entertainment,  and little profit from business operations.
There are different types of IRS audits which include correspondence audits which is generally used for small simple tax returns, field audits which will generally contact the owner of the company via the telephone to interview them about the company, and a TCMP audit, or Taxpayer Compliance Measurement Program audit. This type of audit takes longer and looks through all documents.
If a person is being audited,  it is important to be: timely, organized, supply the auditor with the documents needed,  during an IRS audit never give more or less information that is being asked for,  be honest and do not try to argue or become defensive about any questions being asked, and never use copies of documents.

Getting the Right Tax Audit Help

Getting the Right Tax Audit Help

When being audited, a person can feel a sense of fear and stress seeing to the fact that the government is demanding to take a second look at personal files. Audit programs can be especially relieving for those facing an audit.
Only about one in every three audits are done on a face to face basis, for this reason, it can almost be a necessity, when being audited, to have some sort of tax audit help. Audit programs and other forms of tax audit help can allow an individual to properly prepare for a tax audit. Help can be found online through many companies private websites. These companies can assist people in pulling the proper documentation and help to determine why the individual is being audited.
Tax audit help can allow for individuals to confidently enter an audit with the proper paperwork. Generally, about one percent of tax returns are audited every fiscal year. With this is mind, if an audit program is used, or one takes advantage of offered tax audit help, the likelihood of successfully getting through the audit is possible. 
Tax audit programs can include: general tax audit which focuses on real estate, mortgage interest, internal revenue code, etc.; qualified small business stock which keep track of stocks; and schedule C which audits expenses used for automobiles, this can include gas expenses.

Quality Audit In Depth

 Quality Audit In Depth

An operational audit is an audit that tests a thoroughly checks a company’s internal systems and procedures. This is done to see what types of goods and/or services the company provides and sells to their consumers.  An operation audit is also used to ensure that the company is operating efficiently and effectively. Operation audit can be conducted by employees of the company or by an outsourced company.
A quality audit is a systematic examination of the quality of a specific company or organization. Carried out by either a company’s employee or an outsourced auditor, a quality audit is an important aspect of a company because it helps to ensure an effective management system and instill a specific quality system to be used by the company.  
Generally a quality audit is scheduled so that the management of the company can use their internal system which in turn will help to determine if the company is complying with the said rules and regulations that they are supposed to be following.
A tax audit is an investigation of tax returns that have been submitted. A tax audit can be done on random sampling or due to certain questions the tax agency may have after looking at the tax return. A tax audit can help to uncover hidden incomes and other fraudulent acts regarding money.  
Regardless of what type of audit one is experiencing, audits can be a key management tool and can help to determine that the necessary actions of the company are actually happening. Often business, small and large, loose site of different things and tend to misplace or misuse important documents and/or funds. An audit can refocus a company and help aid them back on track.

The Facts on Accounting Auditing

The Facts on Accounting Auditing

Auditing is done to understand a company or an individual’s tax return. Auditing can provide information of a company’s internal management as well as the truthfulness of the company. Auditing allows for a company or an individual to clearly justify their tax returns and state their opinion about the situation.
Often, auditing is done to help determine where money has been spent, if it has been spent, or if it is being hidden. Since a large part of auditing has to deal with money, accounting plays a large role in the auditing process. Financial audits look at financial statements to determine if they are both fair and true. 
Originally, most audits were financial based and were always looking towards the accounting department to determine if in fact all monies could be accounted for. Financial audits require a person to complete the audit who will remain fair to the company’s financial statements. Often accountants will conduct the audit and create the audit report.
When a company is undergoing in an cost audit a verification of the costs of the company is taking place. Cost accounting will thoroughly look at the cost of manufacturing, materials, labor, offices supplies, and so on, to determine if the company is using the money that was claimed in the correct areas.
Although there are many different type of auditing, and some focus more on facts and documentation as opposed to money and accounting, auditing can be especially detailed and stressful. Regardless of the reasons a company or an individual is being audited, it may be beneficial to seek help and advice from an individual familiar with the auditing process or has a background in accounting.

A Full Guide to Audit Procedures

A Full Guide to Audit Procedures

There are many different types of auditing that an individual or a company may be faced with, however, generally audit procedures will be similar.
Developed by the American Institute of Certified Public Accountant, a list of 10 auditing standards has become quite popular when wondering about the many audit procedures. The 10 auditing standards have been broken down into three subcategories: general standards, standards of field work, standards of reporting, and, consisting of general standards, and standards of field.
The auditing standards include:
Ø  General Standards
§  The auditor must have technical training
§  The auditor must maintain an independent, non-bias attitude
§  The auditor must use professionalism during the performance and when preparing the report
Ø  Standards of Field Work
§  The auditor must plan the work and properly supervise others
§  The auditor must have a clear understanding the entity and its environment
§  The auditor must obtain sufficient audit evidence by performing audit 
procedures

Ø  Standards of Reporting
§  The auditor must state whether the finical statements were presented with accepted accounting principles
§  The auditor must identify circumstances which principles have not been consistently observed     in the specific time period
§  The auditor must determine information that is disclosed as not reasonable adequate
§  The auditor must express their own opinion about the overall audit
These auditing standards allow for individuals being audited, or those interested in becoming an auditor to understand the different audit procedures that they must face and clearly understand.

A Brief Guide to External Auditing

A Brief Guide to External Auditing

Internal audit helps a company or organization achieve their stated goal or objectives. By using a systematic procedure to analyze the business’s process, procedures, and activities, an internal audit can determine any organization issues that could be negatively effecting the company and suggest solutions that may benefit them. 
An internal audit may include looking at financial reports, deterring fraud, investigating fraud, protecting assets, and checking that the company is remaining compliant with laws. An internal audit may result in the advisement of the head of the management. If this does occur an internal auditor may speak to the head of the management and direct them on how to better execute responsibilities amongst the staff.
An external audit is an audit that is done on financial statements of a company, individual, government branch, or an organization. An external audit allows for users of these companies or organizations to view the audit report. The public may rely on an external audit due to the fact that they are unbiased and are an independent evaluation. An external audit differs from an internal audit due to two main reasons.
 First, an external audit expresses an opinion in regards to the company’s financial statements. Secondly, an internal audit focuses primarily on the responsibility of the management; where as an external audit does not. Instead an external audit will focus more on numbers and financial statements.  The main reason for an external audit is to understand the opinion of the auditor in regards to the company’s finical statements.

Home Energy Audit Explained

Home Energy Audit Explained

Environmental auditing is a fairly new type of audit. When a person decides to partake in an environmental auditing, they are actually undergoing in a home energy audit. Energy audits make home more efficient and can allow individuals to evaluate how much energy is being used and/or wasted. 
After completing a home energy audit, a person will be able to understand what areas of their home need to be adjusted in order to lower energy use. Energy audits and the follow up changes will help a person’s home to be more efficient, comfortable, and lower utility bills.
Environmental auditing can be done by an individual or done professionally. Either way, it may be suggested that a person uses different light bulbs, increases insulation, or changes the sizes of windows or doors so that they fit better.
A carbon credit is a certificate that allows the right to emit one ton of carbon dioxide. Carbon credits can be seen to accompany environmental auditing because they replace the use of carbon dioxide, and therefore better the environment. 
A carbon credit uses the greenhouse gas emissions to drive industrial and commercial process to use lower emissions and less carbon dioxide.  Many companies are partaking in this type of environmental auditing because they are interested in lowering their carbon footprint and promoting a cleaner, healthier environment.

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