In connection with their audit of the financial statements of Davis Company, the auditors reviewed the Federal

Question:

In connection with their audit of the financial statements of Davis Company, the auditors reviewed the Federal Income Taxes Payable account.

Required:

a. Discuss reasons why the auditors should review the federal income tax returns for prior years and the reports of internal revenue agents.

b. What information will these reviews provide? (Do not discuss specific tax return items.)

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