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Audit of tax

Produced by a Tolley Corporation Tax expert
Corporation Tax
Guidance

Audit of tax

Produced by a Tolley Corporation Tax expert
Corporation Tax
Guidance
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Tax professionals will often be asked to provide input into the financial statement work undertaken by audit professionals. This guidance note is intended to give an overview of some of the key issues when undertaking audit work.

This note is an introduction only and is written on the assumption that users will seek guidance from their audit colleagues on the methodology to be adopted for the audit work required. In particular, it should be noted that most professional firms will have their own audit methodology that builds on the basic auditing standards as issued by the Auditing Practices Board.

Objectives of an audit

According to ISA (UK and Ireland) 200, the overall objectives of an auditor are:

  1. •

    to obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework; and

  2. •

    to report on the financial statements, and communicate

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