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Financial_Management_1_-_Assessment_1__-_Jessica_Soares_de_Oliveira_S40060133.docx

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Family Name:SOARES DE OLIVEIRAGiven Name:JESSICAStudent ID: Course:S40060133DIPLOMA OF LEADERSHIP ANDMANAGEMENTModule: Trainer’s name:Financial Management 1Noel de SilvaDate Due: Date Submitted:11/06/201907/06/2019Declaration: I certify that this assignment is entirely my own work. I have provided fullreferencing to the work of others. The material in this paper has not been submittedbefore.Assessment 1Part A – Written or Oral QuestionsVisit the Australian Tax Office Website on and research the followinginformation:(20 marks – 5 per question)1.What are the record keeping requirements for a business in Australia?
2.What is an audit and how often can a business be audited by the tax office?
An audit is the examination of the financial report of anorganization, as presented in the annual report by someoneindependent of that organization. The financial report includes a balance sheet, anincome statement, a statement of changes in equity, a cash flow statement, and notescomprising a summary of significant accounting policies and other explanatory notes.The purpose of an audit is to form a view on whether the information presented in thefinancial report, taken as a whole, reflects the financial position of the organization at agiven date, for example:Are details of what is owned and what the organization owes properly recordedin the balance sheet?

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Term
Spring
Professor
N/A
Tags
Balance Sheet, Australian Tax Office, Soares de Oliveira, Noel De Silva

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