Management and Organizational Studies 1023A/B Lecture Notes - Lecture 5: Financial Audit, Harmonized Sales Tax, Audit Evidence

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Barry Hawn

Document Summary

Mos 1023 audits and fraud feb 16th 2017. Tax cra seeks accurate and truth to prove every # of your tax return. Operational within a company, having work performed according to rules. Compliance be sure you are following the rules: often done internally (within the business, eg. restaurants are checked by an agency to be following rules of safety. Financial statement independent accountants check accuracy and truth of financial statements: used by external users to make decisions rely on accuracy + truthfulness. Sales tax: harmonized sales tax (hst) - charging, collecting and pay to their government, not for profit business/charity can be subject to audit tax. Payroll tax companies pay: eg. Eg. buy a car for 000. Revenue year 1: (10 000)/year up to 5 years. Depreciation ( 000) * year up to 5 years = ( 000) Net profit ( 000)/ year up to 5 years.