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VAT Audit comprises of an external audit on the entity’s overall VAT readiness and compliance procedures and identifying any major deficiencies in the VAT environment, including transaction checking. With the help of auditing, one can cross-check whether VAT has been properly accounted for, in the business transactions, and can also ensure if the information reported in VAT returns is accurate.
VAT Audit Services make it easier to identify the purchase and sales flow, as to whether it is correctly entered in the financial records of the company. VAT Audit will result in a thorough and critical evaluation of the VAT transaction by the entity and a report will be issued based on the agreed-upon procedures as per the international standards.
VAT Audit will be conducted in line with the guidance note issued by the Federal Tax Authority on the document maintenance, tax collection, payment, input tax claim etc. Chances of double accounting and double payment of supplier invoices can be identified with the help of auditing.