AUDIT PROCEDURES: 1. Obtain general understanding of the legal and regulatory framework applicable to the entity and the industry, and how the entity is complying with the framework. ❖ HOW TO OBTAIN THE UNDERSTANDING: - Use the auditor’s existing und ...
An external audit is an independent assessment of an organization's financial statements, accounting records, and internal controls conducted by an external auditor who is not an employee of the organization. The primary objective of an external audit i ...
The objective of pension is to provide post-retirement monetary benefits for employees. In an ideal organization, an employer offers a pension plan to each employee by setting aside a certain amount from their gross income, and that money grows over the y ...
Withholding Tax is basically an advance payment of income tax. It is an advance payment to be applied as tax credit to settle the income tax liability of the years of assessments to which the income that suffered the deduction relates. There are varying r ...
The Federal Inland Revenue Service (FIRS) Memorandum of Understanding (MoU) Lagos State Internal Revenue Service (LIRS) to establish a joint tax audit system that will address duplication of efforts and facilitate the exchange of data. Highlights of th ...
On December 31, 2021, the Nigerian President officially signed the 2021 Finance Bill into law, which becomes operative on January 1, 2022. The modifications are as follows: The proposed modifications, according to the Finance Act, reflect on different ...
