Auditing Course
Definitions
An examination and verification of
a company's financial and accounting records and supporting documents by a professional,
such as a Certified Public Accountant
An
audit is an IRS examination of an individual or corporation's tax return, to verify its accuracy
There
are three types of audits
correspondence audits
(the IRS mails a request for additional information),
office audits (an interview is conducted at
a local IRS office), and field audits(an interview is conducted at a taxpayer's place of business, for a corporate
tax return)
Since
there is always the chance of an audit, experts recommend keeping good records to support all
the information in a return. The reason detailed and accurate bookkeeping is so important is that the
burden
of proof is on the filer, not the
IRS
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