...Respected Sir/ Madam, After completing my Bachelors in Commerce (Honours) Degree from PGDAV College, University of Delhi, I cleared the IPCC exam (Both Groups) in 2011 and have given my CA Final in May 2015 and completed my articleship in September 2014. To demonstrate the required and relevant skills, I have included my work experience in the CV (attached) but here is a brief summary of my plausible contribution to your organisation, My experience in finance, audit and taxation field both technically and practically helped me to familiarise myself with the updated information about the market conditions and the recent reforms. It also equipped me with the skills and training needed to meet tight deadlines, the ability to display sound judgment when handling sensitive and confidential information, strong decision making and problem solving skills. I’m a dependable, self-motivated professional with tactical interpersonal skills and I sincerely believe I have the qualifications needed to become a valued member of your team. I would be proud to be associated with your organisation and would strive to help the company meet future goals. I am confident that an interview would be a great way to discuss this position further. My resume, enclosed herewith for your reference, contains additional information on my experience and skills. You can reach me on +91- 9953028279 or can email me at divyanijhara17@gmail.com Thank you for your time. Sincerely, Divya Nijhara ...
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...Introduction Value Added Tax is one of the most important sources of tax revenues in Bangladesh. Since its introduction in 1991, VAT is one of the most effective and efficient tools in resource mobilization. Value Added Tax has emerged as a principal instrument of taxing domestic consumption world wide during last four decades. It is now in operation in more than 130 Countries. Value added tax is a primary source of tax revenue in many European and other developed countries. Its importance is also increasing in the developing countries because of its effectiveness in mobilizing local resources. VAT proves to be an efficient tool for revenue collection; its performance, therefore, has direct impact on fiscal mobilization, macroeconomic stability, and development. The basic advantages of Value Added Tax can be stated as its neutrality, tranparency, certainty and self policing mechanism. Customs is an Authority or agency in a country responsible for collecting and safeguarding customs duties and for controlling the flow of goods including animals, personal effects and hazardous items in and out of a country. Depending on local legislation and regulations, the import and export of some goods may be restricted or forbidden, and the customs agency enforces these rules. Customs duty synonyms of tariff and involves a tax on commodities entering and leaving the country. In Bangladesh the levy and chargeability of customs duty are governed by the Customs Act 1969. Objective...
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...| ------------------------------------------------- Top of Form | | | | Language | | | | ------------------------------------------------- Top of Form | Bottom of Form | | | | | | * Tenders * Downloads * Income Tax Returns * Wealth Tax Return * Forms * Challans * International Taxation * Non Residents * Foreign Companies * Advance Rulings * Transfer Pricing * DTAA * Comprehensive agreements * Limited agreements * Other Agreements * Tax Information Exchange Agreement (TIEA) * Witholding Tax * Tax Law and Rules * Acts * Income Tax Act * Wealth Tax Act * Gift Tax Act * Expenditure Tax Act * Interest Tax Act * Finance Acts * Rules * Income Tax Rules * Wealth Tax Rules * Gift Tax Rules * Expenditure Tax Rules * Interest Tax Rules * Advance Ruling * ITAT Rules * Settlement Commission Rules * Circulars * Notifications * About Us * History of Direct Taxation * Vision, Mission, Values * Organisation and Functions * CBDT * Directorate Generals * Administration * Legal & Research * Systems * Vigilance * NADT * Exemptions * HRD * International Taxation ...
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...Punjab College of Commerce Financial Accounting ACCT3013 Prof. Hafiz Imtiaz Reg. No. 2035 – Minahil Raza Reg. No. 2030 - Ahmad Waqas Reg. No. 2001 - Syed Faizan Jaffri December 15, 2013 Difference between Accounting & Finance Accounting is an art of recording, classifying and summarizing the transaction in a significant manner, whereas finance is the management of money and other valuables, which can easily be converted into cash. Functions of Finance Department of an Organization * Preparation of Budget Plans It is duty of finance department of company to make the budget before actual providing money to any department. It helps to fulfill each department with minimum cost. * Financial Management In this function finance department gets money from capital market at very low risk and cost. Finance department analyzes all the resources of funds and create a good financial structure of company. In this structure, finance department analyze whether it will decrease the overall cost of capital on Average basis or not. * Management of Investments of Company After making financial structure, finance department invests debenture holders and shareholders money in best projects for getting highest return on investment. For this finance department takes investment decision. These investment decisions can be taken with the help of capital budgeting and investment analysis techniques. * Management of Financial Risks Financial department takes...
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...Apollo Shoes, Inc. Audit Report The audit firm of Anderson, Olds, and Watershed, CPA (AOW) has been engaged by Apollo Shoes, Inc. to audit the financial statements for the fiscal year ending December 31, 2007, and file the Form 10-k with the SEC within 60 days of this date. It has also been agreed that AOW will prepare the state franchise tax and federal tax returns for Apollo Shoes, Inc. The field work for the audit will begin mid-January, with the trial balance to be sent to AOW shortly after the end of December. The AOW staff assigned to the audit will work closely with Katrina Ramirez, the Internal Auditor for Apollo Shoes. This brief contains additional information regarding the auditing and assurance services offered by AOW that Apollo Shoes may find beneficial now or in the future, an explanation of the role AOW will take on in the aforementioned engagement, and a description of the requirements on AOW to meet the standards for these offered services. Auditing and Assurance Services The management of Apollo Shoes can expect the highest level of service from AOW. AOW offers a variety of assurance and audit services, as well as a variety of accounting services, to meet the financial and accounting needs of its clients. One type of assurance service the company is able to provide is an attestation service “in which the CPA firm issues a report about the reliability of an assertion that is made by another party” (Arens, Elder, & Beasley, 2012, p. 9). These assurance...
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...complexity of the business b. Form of the auditor's report c. Specific audit methodology and technology used in the course of the audit. d. Estimated audit fee agreed upon between the client and the auditor. 2. Which of the following need not be documented in the working papers as required by PSA 230(Clarified)? a. Audit evidence obtained, the audit procedures applied and the testing performed have provided sufficient competent evidential matter to afford a reasonable basis for an opinion. b. The work has been adequately planned and supervised. c. A sufficient understanding of the internal control structure had been obtained to plan the audit and to determine the nature, timing and extent of tests to be performed. d. Basis in choosing the members of the audit engagement team. 3. When planning an audit, which of the following is not a factor that affects auditors' decisions about the quantity, type, and content of audit working papers? a. The auditors' need to document compliance with financial reporting standards. b. The existence of new sales contracts important for the client's business. c. The auditors' judgment about their independence with regard to the client. d, The auditors' judgments about materiality. 4. An audit working paper that shows the detailed evidence and procedures regarding the balance in the accumulated depreciation account for the year under audit will be found in the a. Current file evidence working papers. b. Permanent...
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...Lakeside Auditing Case Study Case 1 Prepared by: January 27, 2011 1: An independent annual audit can provide credibility to information, and this could be very helpful for decision making. In this specific case, the owner of the Lakeside requires an independent CPA firm to perform an annual audit because the owner wants to show the public a “good-look” of its financial statements; since he would like to receive more capital by making his company public. In addition, good-looking financial statements of the company could provide good credit from the bank. To the lakeside company, the owner would like to provide audited financial statement to the bank to obtain the loan and receive the best possible interest rate. On the other hand, a decision by a bank loan officer about whether to make a loan to Lakeside Company and what rate of interest adequately compensates the bank for the level of risk assumed depends on an independent auditing report about lakeside’s financial reports. An auditing report about the company is reliable for the bank; it can significantly reduce the level of information risk. If the loan officer has assurance from the auditors that the company’s financial statements are prepared in accordance with GAAP, he or she will have more confidence in his or her assessment of business risk. By reducing information risk, the audit reduces the overall risk to the bank. 2: According to GAAS, the auditor must obtain a sufficient understanding of the entity and...
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...State University, Normal, Illinois Graduated Magna Cum Laude with a GPA of 3.6 on a 4.0 scale Courses included: Managerial Accounting Accounting for Not-For-Profits Financial Management Intermediate Accounting I & II Corporate Audit Managerial Economics Accounting I & II Internal Audit & Finance Experience Auditor Internship, June 2014-August 2014 Ernst & Young, New York, New York * Participated in the annual audit of Omega Megalithic Holdings, including development of the final certification report * Participated in quarterly audit of Alpha Bank Corporation, including identification and correction of over twenty major accounting errors * Developed several Excel spreadsheet macros currently in use for reducing entry time and automatically cross-referencing for errors * Received Employee of the Month award twice—first intern ever to win the award Accounts Payable/Bookkeeping Clerk, June 2013-August 2013 Anytown Tax and Bookkeeping Service, Anytown, New York * Assisted (via remote) with payroll, tax, and account processing * Developed automated monthly sales tax payment system * Implemented Rapid Tax Refund service for...
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...GENERAL AUDIT PROCEDURES AND DOCUMENTATION 1. When does the audit process begin?The audit process commences with the issuance of a Letter of Authority to a taxpayer who has been selected for audit. 2. What is a Letter of Authority? The Letter of Authority is an official document that empowers a Revenue Officer to examine and scrutinize a Taxpayer’s books of accounts and other accounting records, in order to determine the Taxpayer’s correct internal revenue tax liabilities. 3. Who issues the Letter of Authority? Letter of Authority, for audit/investigation of taxpayers under the jurisdiction of National Office, shall be issued and approved by the Commissioner of Internal Revenue, while, for taxpayers under the jurisdiction of Regional Offices, it shall be issued by the Regional Director. 4. When must a Letter of Authority be served? A Letter of Authority must be served to the concerned Taxpayer within thirty (30) days from its date of issuance, otherwise, it shall become null and void. The Taxpayer shall then have the right to refuse the service of this LA, unless the LA is revalidated. 5. How often can a Letter of Authority be revalidated? A Letter of Authority is revalidated through the issuance of a new LA. However, a Letter of Authority can be revalidated— Only once, for LAs issued in the Revenue Regional Offices or the Revenue District Offices; or Twice, in the case of LAs issued by the National Office. Any suspended LA(s) must be attached to the new LA issued (RMO...
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...CONTENTS 1.00 BACKGROUND INFORMATION 1.01 Tax Status and Purpose 1 1.02 Service Area 1 2.00 CHART OF ACCOUNTS 2.01 Assets 2 2.02 Liabilities 2 2.03 Net Assets (Fund Balance) 2 2.04 Revenues 2 2.05 Expenses 2 2.06 Cost Centers 2 3.00 ACCOUNTING PRINCIPLES AND PROCEDURES 3.10 Policies 3 3.20 Procedures 3.21 Revenue Recognition 3 3.22 Matching of Revenues and Expenses 3 3.23 Fixed Assets and Depreciation 3 3.24 Donated Materials and Services 4 3.25 Data Cutoff 4 4.00 CASH DISBURSEMENTS 4.10 Policies 5 4.20 Procedures 4.21 Capital Acquisitions 5 4.22 Supplies, Services, and Other Invoices 5 4.23 Invoice Payment Procedures 6 4.24 Payroll 6 5.00 CASH RECEIPTS 5.10 Policies 7 5.20 Procedures 7 6.00 BANK RECONCILIATION 6.10 Policies 8 6.20 Procedures 8 7.00 END OF MONTH ACCOUNTING PROCEDURES 7.10 Policies 9 7.20 Procedures 9 8.00 END OF YEAR ACCOUNTING PROCEDURES 8.10 Policies 10 8.20 Procedures 10 8.21 Financial Audit 10 9.00 COST ALLOCATIONS 9.10 Policies 12 TABLE OF CONTENTS (continued) 10.00 INVESTMENTS 10.10 Policies 13 10.20 Procedures 13 11.00 DEBT 11.10 Policies 14 11.20 Procedures 14 12.00 RESERVES AND DESIGNATED FUNDS 12.10 Policies 15 12.20 Procedures 15 13.00 INTERNAL CONTROLS AND FINANCIAL AUDIT 13.10 Policies 16 13.20 Procedures 16 ...
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...Marietta, GA Cumulative GPA: 3.70/4.00; Major GPA (Accounting): 3.84/4.00 Dec 2011 May 2013 EXPERIENCE Board of Regents of the University System of Georgia, Atlanta, GA Internal Audit Intern ●Managed 2010 and 2011 audit risk assessment and control: analyzed 36 universities’ financial statements and interactively communicated with senior auditors ●Independently developed individual and compressive financial analysis for 76 affiliated university foundations: utilized important financial ratios including working capital, current ratio and direct financial lease/total asset ●Successfully performed four internal audit researches and field works targeted in legal compliance in two months ●Efficiently tested cash via confirmations, reconciliations and payables to ensure against financial misstatement ●Active member of organizing team for 2012 Georgia University Auditors Conference during Aug 1 to Aug 3, 2012 Sun Tai Inc. , Sandy Spring, GA Accounting Assistant ●Streamlined the monthly payroll process by drastically reducing an entire week's job to a three hour procedure through automation and computerization ● Responsible for the communication with outsourcing tax service company and completed employee’s personal income tax and withholding report Clean Solutions Import. LLC, Chamblee, GA Accounting Assistant ●Set up and assisted with the completion of inventory and vendor database by organizing and collecting valid data from five years’ original sales invoices ●Effectively prepared bank...
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...Chapter 2 The CPA Profession Review Questions The four major services that CPAs provide are: 1. Audit and assurance services Assurance services are independent professional services that improve the quality of information for decision makers. Assurance services include attestation services, which are any services in which the CPA firm issues a report that expresses a conclusion about the reliability of an assertion that is the responsibility of another party. The four categories of attestation services are audits of historical financial statements, attestation on the effectiveness of internal control over financial reporting, reviews of historical financial statements, and other attestation services. Accounting and bookkeeping services Accounting services involve preparing the client's financial statements from the client's records. Bookkeeping services include the preparation of the client's journals and ledgers as well as financial statements. Tax services Tax services include preparation of corporate, individual, and estate returns as well as tax planning assistance. Management consulting services These services range from suggestions to improve the client's accounting system to computer installations. 2-1 2. 3. 4. 2-2 The major characteristics of CPA firms that permit them to fulfill their social function competently and independently are: 1. Organizational form A CPA firm exists as a separate entity to avoid an employer-employee relationship with its clients...
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...Chapter 2 The CPA Profession ← Review Questions 2-1 The four major services that CPAs provide are: 1. Audit and assurance services Assurance services are independent professional services that improve the quality of information for decision makers. Assurance services include attestation services, which are any services in which the CPA firm issues a report that expresses a conclusion about the reliability of an assertion that is the responsibility of another party. The four categories of attestation services are audits of historical financial statements, attestation on the effectiveness of internal control over financial reporting, reviews of historical financial statements, and other attestation services. 2. Accounting and bookkeeping services Accounting services involve preparing the client's financial statements from the client's records. Bookkeeping services include the preparation of the client's journals and ledgers as well as financial statements. 3. Tax services Tax services include preparation of corporate, individual, and estate returns as well as tax planning assistance. 4. Management consulting services These services range from suggestions to improve the client's accounting system to computer installations. 2-2 The major characteristics of CPA firms that permit them to fulfill their social function competently and independently are: 1. Organizational form A CPA firm exists as a separate entity to avoid...
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...Recent news articles in the fertilizer industry have highlighted the need for a focus in environmental concerns. The CEO has decided that FFL should consider the implementation of an environmental scorecard. Which of the following is the best reason to use an environmental scorecard? 1. 2. 3. 4. The scorecard promotes good corporate citizenship. FFL can compare its scorecard rating to its competitors. It is an effective measure in a bonus plan to increase net profit. It enables FFL to measure its efficiency in producing fertilizer. b. In order to make the financial statements of Genex Inc. more appealing to investors and to inflate the management bonus, a manager has engaged in earnings manipulation. As you begin to prepare for the interim audit, you have been alerted to this activity. Which management actions will you look for as evidence that the investors’ interests are not being protected? 1. 2. 3. 4. c. Overstated revenues and assets Overstated expenses and liabilities Understated revenues and liabilities Understated expenses...
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...articles in the fertilizer industry have highlighted the need for a focus in environmental concerns. The CEO has decided that FFL should consider the implementation of an environmental scorecard. Which of the following is the best reason to use an environmental scorecard? 1. 2. 3. 4. The scorecard promotes good corporate citizenship. FFL can compare its scorecard rating to its competitors. It is an effective measure in a bonus plan to increase net profit. It enables FFL to measure its efficiency in producing fertilizer. b. In order to make the financial statements of Genex Inc. more appealing to investors and to inflate the management bonus, a manager has engaged in earnings manipulation. As you begin to prepare for the interim audit, you have been alerted to this activity. Which management actions will you look for as evidence that the investors’ interests are not being protected? 1. 2. 3. 4. c. Overstated revenues and assets Overstated expenses and liabilities Understated...
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