Effective Tax Audit Course

By understanding how to manage your tax burden and prepare for tax audits, you can maximize your profits over time and reduce the costs of not meeting your legally imposed tax obligations.

Upon completing this Tax Audit Professional Course successfully, participants will be able to:

• Learn the definitions of complex tax-related terminology
• Gain a deeper understanding of why tax is levied and what it is used for
• Study the concept of and steps for tax audit preparation
• Identify scenarios in which tax reports and audits may be necessary
• Describe the main goal of tax audits
• Explore how the tax audit space will be impacted by technology
• Identify the best time to prepare for tax audits
• Recognise the idea of tax independence and apply it in a scenario
• Identify the similarities and differences between tax audits and regular audits
• Identify how not-for-profit tax audits and government tax audits differ from regular tax audits
• Explore how to conduct an audit from its inception to taking corrective actions
• Recognise the difference between tax audits and due diligence projects

CONTENT:

Introduction To Tax Audit

• Tax Audit Introduction
• Applicability
• Tax Applicability
• Tax Auditor
• Letters

Taxes For Small Businesses

• How Taxes Affect the Economy
• How Tax Policies Affect Your Business
• Similarities and Difference Between Tax Audits & Due Diligence
• Similarities and Difference Between Regular Audits & Tax Audits

Tax Strategies for Businesses

• Reducing Taxable Income
• Reducing Tax Rate
• Optimising the Workforce

Managing Taxes

• Responsibility vs. Accountability
• Tax Planning Tools
• Financial Statements
• Earnings Management
• Deferred Taxes

Important Tax Procedures

• Tax Audit Procedures
• Documentation
• Tax Audit Report
• Form 3 CD

Income Tax

• Introduction to Income Tax
• Exempt Income
• Income Tax Slab
• Residential Status
• Income Under 5 Heads
• Computation of Total Income
• Advance Tax
• Set-off and carryforwards of losses
• E- Filing of Income tax returns
• Generation of Challan & Payment of Taxes
• Penalties Under Income Tax
• Computation of Tax and Government Utilities

Auditing

• Concept & Objective of Auditing
• Types of Audit
• Evidence in Auditing
• Audit Programmes
• Audit Checklists
• Establishing Internal Controls
• Internal Audit
• Statutory Audit
• Cost Audit
• Secretarial Audit
• Auditor’s Report

FOR WHOM:

Accountants, Tax Officers, Tax Administrators, Auditors and others who perform related functions in Public and Private Sectors.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.