Management and Organizational Studies 1023A/B Lecture Notes - Canada Pension Plan, Financial Audit, Audit Risk

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Kate Helsen

Document Summary

Audits people assume that this is a financial audit. Several types of other audits: tax, operational, compliance, financial statement, fraud. Charge on goods (hst) levied by the government. Government will do a periodic review to check that the company charges and sends tax on a timely basis. Often people are audited because there is a large change in activity: payroll tax. Companies must deduct taxes by law income tax, canada pension plan, unemployment insurance. See if company is properly deducting taxes: income tax. Profits must be on personal tax return if it is a sole proprietor. If a company spends a lot on business expenses, rev. Canada only lets you deduct part of the expenses permanent different. Looking at the assessment of risk for a company. If you don"t have an internal auditor, an external viewer may be asked. People may often hide debt they have incurred.