Tax authorities may engage an auditor to carry out investigation with the objective of ascertaining whether or not the assessee has properly disclosed his taxable income. The auditor should examine the financial statements with a primary objective of ascertaining that the revenues have not been understated and expenses have not been overstated. Certain significant procedures involved in investigation for…

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DEFINITION AND SCOPE Investigation is an examination of financial statements or other financial information to evaluate one or more specified situations. Investigation involves ascertaining objective for investigating the particular situation, period to be covered, deciding upon investigation approach, examining relevant records, gathering evidence and reporting the findings of investigation. Audit involves determining that the financial statement have been prepared in accordance with International accounting…

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