Course Overview

Taxes are an unavoidable part of being in any kind of business. By understanding how to manage your tax burden and prepare for tax audits, you can maximise your profits over time and reduce the costs of not meeting your legally imposed tax obligations.

The main meaning of the term audit is to check, review, and inspect. Tax audits are a critical part of finance, but they are not purely the responsibility of your CPAs. Audits are collectively championed by consultants, analysts, finance professionals and even by decision-makers who may have limited financial training.

This course is also designed for managers and business owners who want to understand how tax policies and business structures affect your company, and how prudent tax planning can help you stay organised and financially healthy. Learn how to manage your operations all year-round to avoid last-minute tax muddles.

What does this “Tax Audit Professional” course entail? This course will teach you about in-depth Tax Audit, Tax Applicability, Tax Auditors, Letters, Tax Audit Procedures, Documentation, and Tax Audit Reports.

There are many types of audits under different laws – for instance, company law requires a company audit, and cost accounting law requires a cost audit. For example, if we try to look at the income-tax law, it basically requires the taxpayer to get the audit of the accounts of his business/profession from the viewpoint of income-tax law.

Tax laws provide the obligations relating to the class of taxpayers who are expected to get their accounts audited by a Chartered Accountant. The audit under this section aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfilment of other requirements of the Income-tax Law. The audit conducted by a Chartered Accountant of the taxpayer in fulfilment of the tax law is called a tax audit.

This Zoe training course will empower you with knowledge in the different kinds of audits, from internal and independent audits to the tax audits that are initiated by the government, and reviews of key audit processes.

Course Objectives

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

Training Methodology

This is a collaborative Tax Audit Professional training program and will consist of the following training mechanisms:

• Lectures
• Seminars & Presentations
• Group Discussions
• Assignments
• Case Studies & Functional Exercises

Similar to all our courses, this program also follows the ‘Do-Review-Learn-Apply’ model.

Organisational Benefits

Enterprises who nominate their employees to partake in this course can benefit in the following ways:

• Obtain a customised and all-inclusive tax audits program with features best suited to address your organisation’s needs
• Produce a detailed tax audits profile for your organisation
• Save on legal expenses risen due to tax audits violations
• Ensure that your company is running with the most streamlined processes related to tax audits
• Provide your employees with access to key concepts in tax audits using interactive activities and a wealth of additional resources
• Employ the right people to ensure that the tax audits policies are implemented properly

Personal Benefits

The participants of this Tax Audit Professional Course can benefit in the following ways:

• Explain the factors that drive the need for tax audits, and understand the consequences of breaching these laws in a highly legalised world
• Promote your understanding of the tax authorities, their powers and operations
• Prevent your company from the probable issues faced due to improper tax audits
• Refresh your knowledge by learning from tax experts who are more experienced in the underlying issues behind improper tax audits
• Create strategies for implementing tax audits policies including specific tools and technologies, and then monitoring and training of these policies to build an effective tax audits compliance program
• Gain from the wide range of content created by prominent tax experts from around the world

Who Should Attend?

This Tax Audit Professional Course would be suitable for:

• Taxpayers
• Tax agents
• Tax advisors
• Tax auditors
• Legal counsel and lawyers
• Tax advisers
• General tax practitioners
• Tax practitioners in advisory firms
• Beginners in tax commercial and trade industries
• Government officials
• In-house tax directors/managers
• Tax regulation bodies
• Financial analysts

Course Outline

MODULE 1: INTRODUCTION TO TAX AUDIT

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

MODULE 2: 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

MODULE 3: TAX STRATEGIES FOR BUSINESSES

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

MODULE 4: MANAGING TAXES

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

MODULE 5: IMPORTANT TAX PROCEDURES

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

MODULE 6: 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

MODULE 7: AUDITING

• The Role of Auditors
• How to Prepare for Audits
• Audit Checklists
• Confidential Material
• Establishing Internal Controls

MODULE 8: AUDITING

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