Audit related services

Our company also provides a range of Audit and Assurance services to help businesses ensure that their financial records and processes are accurate, compliant, and reliable. These services go beyond basic tax preparation and focus on evaluating financial statements, internal controls, risk management, and overall business performance. Below are the common Audit and Assurance services provided by our company:

1. Tax Compliance Audit
Purpose: To ensure that a business or individual is complying with all tax laws and regulations.
Scope: The audit focuses on reviewing tax returns, filings, and payments to confirm they are accurate, complete, and consistent with tax laws.
Outcome: Helps identify any discrepancies, errors, or opportunities for tax savings. It can also help prevent potential penalties for non-compliance.

2. Internal Audit
Purpose: To assess the internal financial controls and accounting systems of a business.
Scope: Evaluates the efficiency of the internal processes, the accuracy of financial reporting, and the effectiveness of controls over financial transactions, including tax-related matters.
Outcome: Provides recommendations to improve systems, reduce risks, and ensure that tax-related processes are streamlined and compliant.

3. Transfer Pricing Audit
Purpose: To review the transfer pricing policies and practices of multinational companies that engage in intercompany transactions.
Scope: The audit ensures that pricing on intercompany transactions is in line with international guidelines and local tax laws to avoid tax avoidance issues or penalties.
Outcome: Ensures that transfer prices are set according to the "arm’s length principle," which helps prevent tax authorities from challenging the company’s pricing strategies.

4. Sales and VAT Audit
Purpose: To verify that a business is correctly calculating and remitting sales taxes, value-added tax (VAT), or other indirect taxes.
Scope: The audit reviews transactions, sales records, tax filings, and compliance with VAT or sales tax regulations.
Outcome: Ensures that the business is paying the correct amount of sales tax and avoids penalties related to incorrect tax calculations or reporting.

5. Tax Risk Assessment
Purpose: To identify potential tax risks that could result in liabilities or penalties.
Scope: The audit focuses on analyzing a business's tax position, reviewing tax returns, transactions, and structures to find any areas that could be challenged by tax authorities.
Outcome: Helps businesses understand their tax exposure and take corrective actions to mitigate risks.

6. Corporate Tax Audit
Purpose: To review the tax obligations and filings of a corporation to ensure compliance with corporate tax laws.
Scope: This can include reviewing a company’s financial statements, tax returns, and accounting practices related to income tax, deductions, credits, and corporate tax planning.
Outcome: Provides assurance that corporate tax filings are accurate and compliant with relevant tax laws.

7. International Tax Audit
Purpose: For businesses involved in international trade, this audit reviews tax compliance across multiple jurisdictions.
Scope: The audit includes examining cross-border transactions, foreign tax credits, withholding tax obligations, and international tax treaties.
Outcome: Identifies opportunities for tax efficiency and ensures compliance with tax regulations in various countries, potentially reducing the risk of double taxation.

8. Tax Position Review and Health Check
Purpose: To evaluate the business's overall tax situation.
Scope: The audit focuses on reviewing all aspects of a business’s tax filings, accounting records, and tax strategies.
Outcome: Helps identify any tax-saving opportunities, potential liabilities, or non-compliance issues, and provides strategic advice for tax optimization.

These audits are typically performed by our experienced tax professionals who can provide valuable insights and recommendations that help businesses navigate complex tax laws, avoid penalties, and optimize their tax positions.