Management and Organizational Studies 1023A/B Lecture Notes - Audit, Canada Revenue Agency, Mci Inc.

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

Document Summary

Income tax: non profit organizations will not have to undergo an income tax audit. The use of accounting knowledge in the courtroom is referred to as accounting knowledge. When filing income tax for a corporation (revenue canada) Permenant differences- an expense report deducted from net income (50%) can be deducted for tax purposes for food. Internal audits: employed by th companies there auditing, the goal is to be independent, objective, add value or oganization and provide auditing activities. They may not een look at the financials, they want to become more efficient. These people work for the company so vpof internal audits would fall under the ceo. World com was discussed (an auditor found 5 million dollars of unaudited computers) by 2001that company had reported 3 billion in costs that should have been expensed. For example small companies tend not to have this department, larger companies do to gain control.