tax audit

A tax audit is an examination of your tax return by the IRS to verify that your income and deductions are accurate. A tax audit is when the IRS decides to examine your tax return a little more closely and verify that your income and deductions are accurate.

The function of a Revenue audit is to: Determine the accuracy of a return in relation to tax liability or claim for repayments; Identify any additional liabilities or other matter requiring adjustment; Collect tax, interest and penalties where applicable; Specify any remedial action required to put the taxpayer on.


Types of tax audit:
  • Mail Audit: This is the simple tax audit that the tax officer notified and request the taxpayer to provide additional documents or clarification on the certain tax return declaration and deductions. …
  • Office Audit: …
  • Field Audit: …
  • Desk audit: …
  • Limited audit: …
  • Comprehensive audit:

The tax audit procedure streamlines the computation of tax returns. The Chartered Accountant of the agency performing the tax audit has to present their observations and findings in Form 3CA or Form 3CB, and Form 3CD. … As per Rule 6F of the Income Tax Rules, 1962, this profession can be any of the following: Accountant.

Financial Audit
A financial audit is an analysis of the fairness of the information contained within an entity’s financial statements. It is conducted by a CPA firm, which is independent of the entity under review. This is the most commonly conducted type of audit, and is required for all publicly-held companies.
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