Accounting income is a firm's net income minus specific costs and is also called financial or bookkeeping profit. Part of an auditor's job is to ensure that a company's financial statements are free from material misstatements. Accounting income is one of the main numbers investors use to determine a company's financial health, and for it to be useful, it should be free from material misstatement. "Tax revenue (profit) is defined as the revenues collected from taxes on income and profits, social security contributions, taxes levied on goods and services, payroll taxes, taxes on the ownership and transfer of property, and other taxes" (Organization for Economic Cooperation and Development, 2022). Tax expense is the amount of money owed by an organization to a federal, state, or local government over typically a year. A deferred tax asset is a credit that a firm is a tax credit for future tax liabilities. A deferred tax liability is a tax debt that will need to be paid in the future. For stakeholders, investors, and regulators to obtain an accurate picture of a company's financial health, they must know about all of its assets and liabilities, including those coming from and owed to governments