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Questions and Answers
What is the primary purpose of an audit in finance and accounting?
What is the primary purpose of an audit in finance and accounting?
- To provide tax preparation services
- To maximize profits for businesses and individuals
- To ensure businesses and individuals are honest and accurate about their financial positions (correct)
- To handle financial planning tasks
Why are corporations routinely audited?
Why are corporations routinely audited?
- To expand into specialized services
- To minimize tax payments
- To ensure compliance with accounting standards (correct)
- To capitalize on new technology
What may trigger a routine tax audit?
What may trigger a routine tax audit?
- Utilizing advanced technology
- Specific tax credits and deductions (correct)
- Expanding into specialized services
- Following required accounting standards
What is the primary role of an accountant in relation to audits?
What is the primary role of an accountant in relation to audits?
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What is one way accountants are looking to expand their services?
What is one way accountants are looking to expand their services?
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