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Service tax is an indirect tax levied on the services provided by a service provider in India.
During the planning phase an engagement level risk assessment is performed to aid in definition of the audit scope and objectives. The risk assessment takes into consideration the following internal and external factors. Risks and concerns communicated by management in response to the annual stakeholder survey. Risk assessment results from the the Statewide Office of Risk Services Annual Risk Register.
The stakeholder survey includes questions that permit the updating of the risks reported in the Risk Register to take into consideration that information may have changed since the date of the Risk Register. Internal concerns communicated by management and staff throughout the year. Risks that were discovered while conducting audits but not included in the review because they were outside the audit scope. Audits that were planned for the current year but will not be completed due to time or staffing. Functions and processes of which the university benefits from routine review, such as cash receipts and procurement card usage. The last date the unit, function or process was audited. Auditor knowledge of risks based on maintaining relationships with professional organizations and peers and attending audit topic seminars. Current trends that have an expected impact on higher education organizations (i.e.: opportunities for cost reduction/saving, areas of concern with recent Office of Inspector General audits at other higher education institutions, information from NACUBO, ACUA, AICPA, IIA, ISACA, ACFE and other professional organizations). Concerns communicated by annual financial auditors, federal agency auditors, and legislative auditors during the course of external audit activities. Functions and processes that are required to be audited per the Institute of Internal Auditors International Professional Practices Framework standards, for example: Standard 2110.
Service tax is paid by the end consumer of the service and the service provider is responsible for collection of remittance from the recipient of the taxable service.
At present, Service Tax is levied at 12.3% on the value of the taxable service.
A2 -The internal audit activity must assess whether the information technology governance of the organization supports the organization’s strategies and objectives.
Please note that many of the documents referred to in these pages may only be available to subscribers through the audit programs pages (not from these pages).
The audit plan describes the scope of the audit, the details as to address, sites, people, criteria, customers, etc. The schedule is a breakdown of what processes get audited when and by which auditor, by day and times.
The schedule is considered part of the audit plan, even if it is a separate document.
It should also include information for assessing risk at the financial statement level, such as the integrity of management, use of the financial statements, and any going concern problems or issues.b.
Substantive tests for property, plant, and equipment; debt; and expenses.d.