Auto Dealerships - Audit Technique Guide - Uncle Fed's Tax*Board
Auto Dealerships - Audit Technique Guide - Uncle Fed's Tax*Board
Auto Dealerships - Audit Technique Guide - Uncle Fed's Tax*Board
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2) Adjusting Journal Entries<br />
3) Tax Classification<br />
4) Chart of Accounts<br />
5) List of Source Codes.<br />
d. Determine the adequacy of internal controls.<br />
e. Determine the accounting system maintenance cycle:<br />
9. Assets<br />
1) Is the General Ledger prepared monthly?<br />
2) Which subsidiary ledgers are maintained? (i.e., AR, Inventory, CDJ, CRJ, etc.)?<br />
a. Did this corporation/partnership acquire any assets during year of audit, other than<br />
inventory or other recurring purchases? (i.e., other business, entities, or associations; real<br />
estate; exotic autos; boats; planes; club memberships; intangible assets)?<br />
b. Could you please provide a photocopy, to be retained by the agent, of the Fixed Assets<br />
schedule for calendar or financial year of audit?<br />
c. What assets do you personally own?<br />
1) House or houses<br />
2) Club Memberships; Sport Franchises<br />
3) Planes; Boats; Exotic Cars<br />
4) Cash; Other Valuables; Intangibles.<br />
d. Do any entities or associations own like kind assets that are made available for your use or<br />
that of another officer/partner or significant other participants use?<br />
e. Do any officers/partners or other significant participants own any of the assets described<br />
above?<br />
f. How was the franchise agreement treated?<br />
A-3
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