Auditing Process

accounting

Description

What is the auditing process for revenue? How do you perform a risk analysis on the revenue cycle?

REVENUE AUDITING

A Revenue audit is an examination of a tax return; a declaration of liability or a

repayment claim a statement of liability to stamp duty or the compliance of a business with tax

and duty legislation. The Revenue audit will examine the books and records of the taxpayer to

establish if there is any tax default and if so, to reach a settlement with the taxpayer and ensure

future compliance to the tax code Audit cases are also selected based on a particular economic

sector. A Revenue audit may examine compliance under all tax heads. The Revenue audit will

examine the books and records of the taxpayer to establish if there is any tax default and if so, to

reach a settlement with the taxpayer and ensure future compliance to the tax code.


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