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Randy deducted a high level of itemized deductions two years ago relative to his income level. Discriminant Function System audit procedure likely identified his tax return for audit.
What do you understand by auditing?
In order to confirm that a process or quality system is operating by specifications, auditing is defined as an on-site verification activity such as an inspection or examination. A specific function, procedure, or phase in the production process may be the focus of an audit rather than the entire business. The process of evaluating or analysing anything to establish its accuracy or safety is referred to as an audit, and the document that reveals the outcome of such an analysis or review is known as an audit report. A dean reviewing your credits to assess your candidacy for graduation is an example of an audit. The study and validation of a firm's financial records is referred to as an audit, which is an important phrase in accounting. Its purpose is to guarantee the fair and accurate representation of financial data.
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