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Home > Draft internal audit checklist for indirect tax compliance

Draft internal audit checklist for indirect tax compliance

Review of indirect tax laws and regulations

Understanding of company's business operations

Identification of potential indirect tax compliance risks

Verification of registration for all applicable indirect taxes

Confirmation of accuracy of registration details

Review of calculation of indirect taxes on sales and purchases

Verification of timely payment of indirect taxes

Assessment of accuracy of input tax credits claimed

Review of preparation and filing of indirect tax returns

Confirmation of accuracy and completeness of returns

Evaluation of any disclosures made in returns

Inspection of maintenance of all required tax records and documents

Verification of retention period compliance

Assessment of adequacy of record keeping systems

Review of impact of recent changes in indirect tax laws

Confirmation of timely implementation of necessary changes

Evaluation of potential risks associated with new laws

Assessment of effectiveness of internal controls related to indirect tax compliance

Verification of segregation of duties and authorization processes

Review of monitoring and reporting mechanisms

Evaluation of documentation of audit procedures and findings

Confirmation of communication of audit results to management

Assessment of follow-up actions taken on audit recommendations

Summarization of overall indirect tax compliance assessment

Identification of key findings and recommendations for improvement

Confirmation of completion of audit checklist and sign-off by responsible parties

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