Category Archives: Audit

Why The Internal Audit Is Important ?

Why The Internal Audit Is Important ?

Why the internal audit is important?

When it comes to adding value throughout an organization, there is no better source than internal auditing. Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations.

The mission of Internal Audit is to enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight.

The inclusive but not an exhaustive list of value that internal auditing brings can be grouped into several categories as mentioned below:

1. The Business
➢ Demonstrate a deep understanding of the organization, its history, its mission, key stakeholders, its strategy, its competition, its corporate culture, its structure, and the business function.

2. Technology
➢ Understand and apply those new technologies that are reshaping how we are work and live. For e.g.: blockchain, digital transformation, drones, financial technology, artificial intelligence etc.

 3. Governance
➢ Testing the same risks and controls by multiple assurance providers is efficient and creates fatigue on process owners.

4. Risk Effort
➢ Assess the organization’s ability to foresee and respond to global events and provide advice regarding risks and opportunities.

5. Fieldwork

➢ Develop audit findings using the format: Condition, Criteria, Cause, Effect and Recommendation.

Internal Audit will provide a clear picture to cover all the significant potential risk after assessing all internal and external factors and providing objective opinions, information, support, and education to the top management.

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Get Tax Compliance Report (TCR) And Be Ready To Face Tax Audit Anytime In Future.

Tax audit-Kudos PRS

What is Tax Audit ?

    • Examination of liability of a taxable person by the Federal Tax Authority (FTA)
    • Various laws have granted power to the FTA to conduct tax audits at its discretion after giving due notice to an organization.
    • The Audit can either be conducted at the premises of the business or the FTA may request that all necessary documentation be brought to its office or sent electronically.
    • The FTA gives notice of at least 5 days to a tax registered business prior to the Audit.
    • On completion of the Audit, the FTA will issue a report including the violations observed and the penalties to be paid by the business if any.

How We Can Help ?

  • We Ensure Your Tax Compliance In Order To Avoid Penalties And Loss Of Reputation.
    Tax Compliance Report (TCR) Covers,

      • Review the VAT Returns already filed for the previous periods

      • Review the existing contracts with Suppliers / Customers / Third parties on sample basis

      • Analyze the VAT treatment on Imports / Reverse Charge Mechanism

      • Analyze the VAT treatment on Exports

      • Analyze the VAT treatment on import of services, including the disclosures in the VAT Return Form 201

      • Review the existing accounting system to identify the VAT non compliances if any and provide guidance to make necessary changes

      • Guidance for VAT compliance as per the requirements of the industry will be given wherever we observe that present system has not captured the VAT Requirements.

      • Guidance for submitting VAT Refund through Form 311