A revenue audit is a two-part method that looks at the statistics and details on the tax returns of a corporation against those found in its business reports. In general, auditors review the income returns over a span of one year. They should, however, also check records for previous years in the event they find any inconsistencies.
At some point, most businesses, regardless of the size of the business operations, are subject to an audit. Auditors may concentrate on one or more fields, such as your financial statements, compliance, tax records, or company activities. Their task is basically to investigate an existing report, system or entity. For instance, during a revenue audit, the tax returns of a corporation would be compared to its tax reports.
The revenue audit consists of the review of the tax return, the inspection of the declaration of liability and the declaration of liability in respect of the stamp duty, and the verification of the compliance of the person with regard to his or her obligations under the tax and duty legislation.
In addition, during the revenue audit, the correct level of liability of the company is examined by investigating the books, records, and compliance of the organization with their tax obligations. Similarly, in order to place them on a proper tax enforcement basis, the auditor collects the sum of the taxpayer's unpaid taxes.
An organization may be chosen for the Revenue Audit through a Random Audit Programme that seeks to assess and control compliance with tax legislation. However, in addition to this form of selection, the Revenue Audit cases can also be chosen as business sector projects.
The Revenue Audit may be performed by a single auditor or if the size of the organization requires a team of Revenue auditors, then a team can work on the Revenue Audit of an organization.
After the selection for the Revenue Audit, the organization will be given a written notice, twenty-one (21) days before the scheduled audit date. The letter specifically states the audit starting date.
The letter includes the following information:
When the taxpayer receives the written notice, following the issuance date of the letter, the taxpayers are no longer given the opportunity to make the “unprompted qualifying disclosure.”
The taxpayer can still prepare the “prompted qualifying disclosure” before the examinations of books and records begins.
When an organization have been selected for audit, AMCA can help our clients to prepare all the prerequisites for their Revenue Audit. Our professional and expert auditors are all equipped to provide assistance to our clients and ensure them that they’ll comply with their obligations towards the tax and duty legislation.
We would take care of the well-being of the company of our clients by giving it a quarterly checkup. Through this, our customers will be confident that their tax enforcement is maintained correctly. We will also keep in contact with the Revenue to verify if there are fines or interest to be paid, and we will definitely have the best possible remedy or settlement for it.
Through supplying them with the highest quality Revenue Audit Service, AMCA makes sure our clients are in good hands. We promise the best for your present, and we ensure a strong future for our customers by providing them with the best service.