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  • Tax Audit Presentation

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    Usama Fakhar
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    The document discusses a tax audit, which is an examination of a tax return by the IRS to verify income and deductions are accurate. It describes the types of tax audits, objectives of tax audits, the audit process, potential consequences, required documents, how businesses can prepare, an auditor's rights and responsibilities, and how audit information can help businesses.

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    The document discusses a tax audit, which is an examination of a tax return by the IRS to verify income and deductions are accurate. It describes the types of tax audits, objectives of tax audits, the audit process, potential consequences, required documents, how businesses can prepare, an auditor's rights and responsibilities, and how audit information can help businesses.

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    © All Rights Reserved
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    40 views14 pages

    Tax Audit Presentation

    Uploaded by

    Usama Fakhar
    The document discusses a tax audit, which is an examination of a tax return by the IRS to verify income and deductions are accurate. It describes the types of tax audits, objectives of tax audits, the audit process, potential consequences, required documents, how businesses can prepare, an auditor's rights and responsibilities, and how audit information can help businesses.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 14

    SUBMITTED BY:

    HAFSA ASIM
    USAMA FAKHAR
    UMAR SHAKEEL
    SHAHEER JAVED
    SUBMITTED TO:
    SIR MUJAHID
    TOPIC:
    TAX AUDIT
     WHAT IS THE TAX AUDIT?

    An examination of your tax return


    by the IRS to verify that your income
    and deductions are accurate
     CONCEPT OF TAX AUDIT:
    • Examining an individual's or organization's tax returns to
    ensure that the taxpayer accurately reported the income and
    deductions in their tax returns.
     TYPES OF TAX AUDIT:
    There are three types of tax audits
    1. Mail audit
    2. Office audit
    3. Field audit.
     MAIN OBJECTIVES OF TAX AUDIT:
    • To make sure there is proper maintenance and accurateness
    of accounts and certification of the same by a tax auditor.
     HOW DOES THE TAX AUDIT PROCESS WORK?

    • Through Audit, the government checks whether a registered


    person/ taxpayer has correctly determined his tax liability,
    deposited due tax in the national exchequer and is making
    adjustments of input tax etc, to which he is legally entitled.
     POTENTIAL CONCEQUENCES OF A TAX AUDIT:
    Auditors chalk up changes to tax errors. In the case of an
    error, you have to pay the additional taxes, and as long as you
    pay them by the due date, you shouldn't have to worry about
    any civil penalties.
     WHAT DOCUMENTS ARE REQUIRED FOR AUDIT?
    • Certificate of Incorporation.
    • Memorandum of Association.
    • Articles of Association.
    • Board Resolutions.
    • Statutory Registers.
    • Annual General Meeting (AGM) Minutes.
     HOW CAN BUSINESS PREPARE FOR A TAX
    AUDIT TO ENSURE COMPLIANCE

    • You can expect that the auditor will request basic accounting
    documents like financial statements, past sales or VAT tax
    returns, and bank statements.
     WHAT ARE THE RIGHTS OF AN AUDITOR?

    • The rights and duties of auditors are critical in maintaining


    the integrity and reliability of financial statements. Auditors
    should exercise their rights to access information, obtain
    explanations, communicate with stakeholders, and receive
    fair compensation.
     WHAT ARE THE RESPONSIBILITIES OF A
    TAX AUDITOR?

    • A tax auditor's responsibilities include conducting internal


    audits to ensure compliance with tax regulations, analyzing
    and evaluating accounting systems and tax control units to
    reduce taxes, maintaining required tax documentation,
    assisting companies with tax returns and preparing tax audit
    reports.
     HOW CAN INFORMATION FROM AN
    AUDIT HELP A BUSINESS?

    • An audit helps to increase transparency, which


    provides assurance to stakeholders and potential
    investors that your financial statements are accurate
    and reliable.
    THANK YOU.

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