evolution of audit and tax audit ethiopia pdf Wednesday, May 19, 2021 8:33:34 AM

Evolution Of Audit And Tax Audit Ethiopia Pdf

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Advancing Audit Quality with Smarter Audits

Audit quality will always be essential. It should also anticipate the changes of an evolving, growing business and adapt continuously. A Deloitte audit does this—by using advanced technology, design thinking, and multi-disciplinary teams that include data and analytics specialists. In fact, audit is an even more valuable enabler of our vibrant capital markets. It embodies continuous innovation, applies agile auditing, and is grounded by risk-based methodology and workflows. As the methods for achieving audit quality progress, Deloitte stays ahead by embedding advanced technology into every audit. We take the technologies transforming the marketplace—such as cloud, process automation, data visualization, and cognitive analytics—and build them into the audit.

External audit

Audit is often the weakest component of VAT administration. As noted in Chapter 6 , among the surveyed countries, audit performance is reported to be a particularly weak aspect of tax administration, irrespective of whether other aspects of the VAT are working well. This chapter discusses the importance of the audit function and the difficulties faced in implementing audit programs. Basic guidelines provided for the development of an audit program typically address the following key issues:. Detection of offenses, such as underreporting of turnover, over-reporting of VAT credits, and use of fake invoices, requires field audits by well-trained officers, rather than desk verifications.

The Modern VAT

The role of audit extends beyond verification. It is generally accepted that a tax audit is an examination to determine whether a taxpayer has correctly reported and assessed their tax obligations. A well managed audit program plays a major role in managing compliance. An effective audit program will have significantly wider impacts than just raising revenue directly from audit activities.

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