An audit notification from the IRS is enough to strike fear even before one opens it. The very idea of having revenue officials scrutinizing every piece of evidence and going through every line with a fine tooth comb is frightening, not to talk of penalties and/or additional taxes. However, open the letter first to see what it says because many times IRS simply wants some additional documents and information. An IRS audit need not be stressful if you have taken care of filing your tax returns with care and ensured that you have not missed out on anything. However, it is common for people to...

If accounting is considered as the lifeline of a business, auditing ensures it is transparent as well as healthy. Auditing in a traditional or typical language is checking and authenticating the transaction records managed by the company. This is to ensure that there are no frauds, misappropriation of amount, duplications of transaction or amount etc. It is a process where each cash transaction will be cross verified with the connected bills or vouchers and ensure the profit or loss has been derived by following correct accounting procedure. Why auditing? Many of you might have this question...