An audit is an independent examination of financial statements, records, or operations to ensure accuracy, compliance, and efficiency. Audits verify data integrity, identify risks, and provide assurance to stakeholders. They can be financial, operational, or compliance-focused, conducted by internal or external auditors for transparency and accountability.
Tax involves ensuring compliance with tax laws, calculating tax liabilities, filing returns, and advising clients on tax planning and optimization. CAs help minimize tax risks, manage audits, and leverage tax efficiencies for businesses and individuals while adhering to regulations and laws.
GST is a unified indirect tax in countries like India, replacing multiple taxes. It simplifies taxation on goods and services supply, promoting efficiency. GST has input tax credits to reduce cascading tax effects. Businesses comply with GST laws for returns, payments, and credits for smooth operations.
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