Mastering Professional Tax Auditing

Overview:

Introduction:

The Mastering Professional Tax Auditing training program provides advanced skills and knowledge in tax auditing through comprehensive instruction and practical exercises. Tailored for professionals, it equips participants to navigate complex tax laws, conduct thorough audits, and identify areas of non-compliance, enhancing their expertise in taxation.

Program Objectives:

At the end of this program, the participants will learn about:

• Study the idea of and procedures for preparing for a tax audit to understand taxation's purpose and usage.

• Determine the circumstances necessitating tax reports and audits.

• Recognize tax independence and its application in relevant situations.

• Understand the primary objective of tax audits and their technological implications.

• Explore parallels and distinctions between tax audits and other audit types.

• Identify the optimal timing for tax audit readiness.

• Differentiate between government, not-for-profit, and standard tax audits while learning audit execution and corrective measures.

Targeted Audience:

• Tax payers, advisors, consultants and nforcement agencies.

• Fscal auditors.

• Legal advice and attorneys.

• General tax professionals.

• Tax experts working for advising firms.

• Novices in the trade and commercial industries.

• Government employees.

• Internal tax managers or directors.

• Monetary analysts.

Program Outline:

Unit 1:

Tax Audit Introduction:

• Tax Audit Introduction.

• Applicability.

• Tax Applicability.

• Tax Auditor.

• Letters.

Unit 2:

Taxes for Small Businesses:

• The Impact of Taxes on the Economy.

• Similarities and Differences Between Tax Audits and Due Diligence.

• How Tax Policies Affect Your Business.

• Differences and Similarities Between Tax Audits and Regular Audits.

Unit 3:

Tax Strategies for Businesses:

• Bringing Down Taxable Income.

• Lowering the tax rate.

• Strengthening the Workforce.

Unit 4:

Managing Taxes:

• Accountability vs. Responsibility.

• Tools for Tax Planning.

• Accounting Statements.

• Deferred taxes for management of earnings.

Unit 5:

Important Tax Procedures:

• Procedures for Tax Audits Documentation.

• Report of Tax Audit, Form 3 CD.

Unit 6:

Income Tax:

• Overview of Income Tax.

• Exempt Revenue.

• Slab Income Tax.

• Hometown Status.

• Under 5 Heads of Income.

• Accounting for All Income.

Unit 7:

Electronic Filing of Tax Returns:

• Ahead of tax.

• Launch and carry.

• Prospective losses.

• Electronic filing of tax returns.

• Making a Challan and Paying Taxes.

• Financial Punishments.

Unit 8:

Auditing: The Basics:

• The Auditor's Position.

• Getting Ready for Audits.

• Checklists for Audits.

• Establishing Internal Controls.

• Using Confidential Information.

Unit 9:

Types of Audits:

• Concept & Objective of Auditing.

• Types of Audit.

• Evidence in Auditing.

• Audit Programmes.

• Internal Audit.

• Statutory Audit.

Unit 10:

Additional Audit Types:

• Cost Audit.

• Secretarial Audit.

• Auditor’s Report.