Salary to Senior Citizens, IRB disallowed Double deduction claim, CCS Successfully defends
In claiming a Double Tax Deduction for remuneration paid to an employee who reaches the age of 60 in the middle of the year, is the remuneration to be prorated to exclude the portion of his remuneration that relates to the period prior to reaching the age of 60? Few senior citizen employees of our […]
What is the concept of ‘Materiality’, and how is it applied in an Audit?
The word “materiality” basically means how important or significant something is in relation to the financial statements as a whole. ISA 320 Materiality in Planning and Performing an Audit says [defines] the following about the term: ‘A matter is material if its omission or misstatement would reasonably influence the economic decisions of users taken on […]
When doing a Risk Assessment on a client, what does an auditor look at?
Because risk is such a significant component of an audit, it is of the utmost significance that auditors approach risk evaluation with the utmost caution. The auditor is tasked with several overall objectives, one of which is to identify the risks that a company faces (both business risk and the risk of material misstatement) and […]
