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What is an Internal Audit?

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A review conducted by a company's own financial team or an independent firm to verify financial accuracy and prevent fraud.

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What does it mean to adhere to accounting standards?

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Each company should follow the accounting standards of the country that they operate in.

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What is a Capital Gains Tax?

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A tax imposed on the profit made from selling an asset, such as a house or stock, for more than its purchase price.

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What is a Tax Break?

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A reduction in tax owed, used to incentivize behaviors like green energy investment.

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What does it mean to defraud someone?

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Illegally take money from someone by using deceit.

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What is the purpose of an Internal Audit?

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To ensure financial accuracy and prevent fraud.

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Why is it important to adhere to accounting standards?

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To ensure consistency, transparency, and legality in financial reporting.

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How does Capital Gains Tax affect investors?

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It reduces the profit from selling investments, impacting overall returns.

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What are some examples of behaviors incentivized by Tax Breaks?

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Investing in green energy, education, or home improvements.

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What are the consequences of defrauding someone?

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Legal penalties, loss of trust, and financial restitution.