Bob is issued with a notice of assessment. What does the Commissioner rely on when issuing a notice of assessment? a. Taxpayer's honesty. b. Asset register. c. Taxpayer's income tax return. d. Material collected from auditing an accountant.

Bob is issued with a notice of assessment. What does the Commissioner rely on when issuing a notice of assessment? a. Taxpayer's honesty. b. Asset register. c. Taxpayer's income tax return. d. Material collected from auditing an accountant.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 3BCRQ

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Concept explainers

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.

Question

1. Bob is issued with a notice of assessment. What does the Commissioner rely on when issuing a notice of assessment?

a. Taxpayer's honesty.

b. Asset register.

c. Taxpayer's income tax return.

d. Material collected from auditing an accountant.

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Audit procedures for items of Financial Statement

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