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Tax and legal audit of the project / organization
Despite the common stereotype, tax accounting and bookkeeping are very different. Therefore, many firms have problems during inspections by regulatory authorities. As you know, the penalties for non-compliance with tax reporting rules are quite serious. And the legislation undergoes constant changes. A tax and legal audit of the company will help to avoid unwanted additional costs for paying fines.
Tax and legal audit of a project/organization: what is it?
Tax and legal audit is a part of legal audit. The essence of a tax-legal audit is a thorough examination of the taxation aspects of a group/project/company with a legal bias. Thanks to such an inspection, it is possible to identify tax and legal risks, check the effectiveness of the current level of taxation of the group and develop possible recommendations for eliminating/minimizing such risks and establishing the rationality of the structure and work of the project with an optimal level of tax burden. In most cases, this procedure is performed by tax lawyers without the involvement of accountants and/or auditors.
This audit is not a full-fledged financial audit with an assessment of the correctness of the company’s financial and tax reporting and/or the correctness of the calculation and timeliness of the payment of tax liabilities. Tax and legal audit is performed by an independent organization. So the customer receives the most objective information. The list of aspects that will be checked will directly depend on the agreement with the client.
In what cases is it necessary to order a tax and legal audit?
A tax and legal audit may be necessary, in particular, in the following cases:
- Preparation for a tax inspection
- Pre-sale preparation
- To optimize the taxation system
- When choosing a taxation system
The price of a tax and legal audit
The final cost of a tax-legal audit will depend on the scope and type of audit. Usually, this process consists of the following stages:
- Analysis of the current taxation system
- Identification of factors that increase the tax base
- Verification of compliance of documentation with current legislation
- Studying the system of economic relations
- Study of business methods
- Preparation of recommendations for reducing risks and increasing tax efficiency
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