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A tax audit is an examination of an organization's or individual's tax return to verify that financial information is being reported correctly. While the chances of being singled out for closer scrutiny are statistically low, there are factors that could increase your odds of receiving an audit notice. Fortunately, there are measures you can take now to minimize future problems.
Find Auditing & Taxation very interesting and fascinating and wish to make your career in it… then this article will guide you about how to get started in this field. Auditing & Taxation are two different terms here, let us explain you about these first. Auditing is an official verification and examination of accounts and records, like financial accounts of a company or organization. Taxation is a process of government for collecting money from its citizens to pay for public services (for example – public parks & libraries, etc.
Satisfy Stakeholders - Employees, customers, suppliers, shareholders or minority shareholders and other interest groups that the company is accountable to.
Loan Processing - Bankers require audited accounts for loan processing. Audit enables the companies to comply with banking requirements for covenant.
Attracts Investors - Potential investors want to review audited accounts for investing or sales purposes.
Easy Sale and Purchase - Facilitate the purchase and sale of business as the company account is audited.
Procuring Tenders - Audited accounts will be useful for tendering of both government and private contracts. Audit provides more credible and quality financial information.
Detect Fraud - Help deter and detect material fraud and error, usually perpetuated by employees.
Easy Tax Payment - Facilitate the payment of corporate tax, goods and services tax, and other taxes on time and accurately, thereby avoiding interest, penalties and investigations.
Spin-Off Benefits - Take advantage of the spin-off benefits such as advise on the structure and operations of business from the auditors, and also get updates of latest FRS and relevant changes in Companies Act.
Good Corporate Governance - Demonstrate good corporate governance and prestige.