1. Taxes and Tax Audits
1.1. What is tax?
Taxes are mandatory payments that citizens and economic organizations are obligated to make to the State. Taxes arise based on legal documents issued by the State and are not reciprocal in nature. Taxes will be directly refunded to the taxpayer.
1.2. What is a tax audit?
As a financial statement audit, this is a specialized type of audit that examines, evaluates, and confirms the reliability of tax information, including the amount of tax payable, tax paid, and tax still due, as well as assessing and confirming compliance with tax laws. In this article, we will explore the audit process and find reputable audit service providers.
2. The process for conducting a professional tax audit.
The tax audit process is a specific implementation of the financial statement audit process. The process follows these steps:
2.1. Audit Planning
Client evaluation and contract acceptance: This step helps the company's board of directors gain preliminary information about the client, such as their history, business sector, annual revenue, and previous audit results. This allows them to assess the client's ability to perform the audit contract and propose a suitable price.
- Preliminary audit plan: After accepting the contract, the Board of Directors will agree with the client on the scope and terms of the audit, the work schedule, and the necessary resources (especially personnel) for the audit, based on the size, nature of the business operations, and complexity of the audit.
Assessing the client's internal control system: through questionnaires combined with interviews and observation of the organization's operations. The assessment of the internal control system includes: designing control regulations and designing the internal control mechanism; evaluating the effectiveness and continuity of the control regulations.
- Preliminary analysis and review procedures: aimed at gathering insights into tax matters and significant changes in tax accounting. Based on this, potential tax risks are identified, and guidance is provided for the tax audit institute to carry out subsequent work.
Materiality and risk assessment: This aims to determine the level of risk as a basis for planning the audit tests to be applied. From this, the auditor will design an audit program appropriate to the weaknesses identified.
2.2. Program Design
- Control test design: Based on the client's control system, auditors interview clients about tax procedures and observe the execution sequence.
- Basic experimental design
2.3. Conducting the audit
- Perform a control test.
- Perform the analysis procedure.
- Perform a detailed inspection procedure.
2.4. Conclusion of the tax audit
Complete the documentation. This step allows for a general assessment of the strengths, weaknesses, and their causes. Following this, propose recommendations and solutions to improve the tax audit process within the enterprise.
3. Where can I find a reputable tax audit service in Ho Chi Minh City?
As a reputable provider of tax audit services in Ho Chi Minh City, Expertis Audit Company is committed to professionalism, dedication, and efficiency. This is the guiding principle that Expertis Audit Company always strives to uphold in order to partner with your business.
3.1. Criteria for Expertis' tax audit services
- High standards of work quality
- Proactively report on the situation.
- Proactively update on work progress monthly.
- Proactively report problems in a timely manner.
- Always do what needs to be done.
- Effective and accurate tax consulting in accordance with the law.
- Providing advice on tax handling and calculation in a timely, reasonable, legal, and most advantageous manner for businesses.
- Prepare thoroughly before exams and audits.
- Carefully review documents and data before submitting them for audit.
- Complete the accounting records in detail and thoroughly.
- The report is complete, accurate, and on time.
- Proactively prepare and submit reports that are complete, timely, and accurate in data.
Expertis' tax audit process is built on the latest corporate tax regulations, with the techniques and expertise to comprehensively assess and detect any discrepancies in your tax compliance. A reputable tax audit service will provide the following four benefits:
- Tax audit report: provides an overview of the corporate tax situation, including risks and weaknesses.
- We provide consulting services to help businesses comply with tax regulations.
- We provide consulting services to optimize tax payments in accordance with tax laws.
- Providing advice on corrections and adjustments to ensure compliance with tax regulations.
3.2. You can rest assured about the quality of Expertis' services.
- Possessing a deep understanding of Vietnamese tax law, years of practical tax experience, and the necessary skills to advise on and handle tax-related issues.
- A deep understanding of business operations and the challenges faced by businesses within the current legal environment.
- Consider the risks the business faces as well as weaknesses in its internal control system.
