plz solve it within 30-40 mins I'll give you multiple upvote Assume, Mr. Abdul Wasey is appointed as auditor in Galaxy Marbles Company. During the audit,he observed that the company is seriously violating tax laws. He observed that the companyunderstated its sales to mitigate the VAT (Value Added Tax). The actual sales of the company areOMR 700,000 but they were under stated as OMR 600,000. The rate of VAT is 2%.RequiredQ1. What would the auditor do to report this irregularity?Q2. How much tax is mitigated by the company by understating sales?

In this case, the amount of sales was understated by OMR100,000. (Actual sales - Understated sales…

Answered: e auditor do to report this…

Business

Accounting

e auditor do to report this irregularity

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 3BCRQ

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