VAT is basically an indirect tax but it is also referred to as a type of consumption tax. It is applicable to supply of various kinds of goods and services. It is levied by businesses that are registered for VAT, on supplies of goods/services to their customers in the normal course of their business operations.
VAT is charged by businesses at each phase in the supply chain. In most cases the ultimate consumers bear the cost of VAT while Businesses collect VAT on behalf of the tax authorities.A financial statement audit is an independent appraisal of the financial statements prepared by the organization. The cardinal objective of a financial statement audit is to provide an;