Contabilidad

A. Importance of understanding Your 1040Return.com’s business model

* Understanding the your1040return business model is necessary for performing adequate audit.

* The understanding of the business model will help the auditor to recognize the risk, as its failure will lead to inadequate procedures designed for detecting the misstatements in the financial statements.

* The auditors should considers the factors such as key customers and suppliers, major sources of revenue, sources of financing ,matters related to the clients core business operations and competition so that the auditor is able to recognize the risk arising from the lack of internal control and increase in opportunities for misstatements in the financial statements.

B. Your1040return.com’s major business risks :

Customer Demand:

* The services are completely provided by the customers, as such there may be some customers who are not comfortable using the internet for online tax services. On the other hand some customers are reluctant for submitting the financial information related to personal tax over the internet. Thus in can be concluded that the online market place based on customers may be limited.

Service Availability:

* If there is a failure in the internet link to the services while the customers are assessing the tax preparation software, then company will not able to provide services to the customers until quick backup and reliable backup is consistently maintained by Your1040reurn.com.

Software technical accuracy:

* Your 1040reurn.com may lose its customers base if the tax software is not regularly update. The risk ascertained is that software contains errors while assessing and interpreting the state and federal tax codes as such the customers may file incorrect tax return. Also data and information available about the errors identified in the tax software package publics and the clients are being reluctant to continue...