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Tax audit - Coggle Diagram

- - - - type of audit
        
        National and International Tax Audit
        
        consists of
        
        Analyze and examine the entire fiscal management of the Company.
        
        determines
        
        The legal-tax framework formed by the set of laws and regulations that apply to the Entity.
        
        The existence and quantification of possible fiscal contingencies.
        
        The legal status of the Company with respect to its tax obligations.
  - - - consists of
        
        Working papers are the documents in which the auditor records the data and information obtained in his examination and the results of the tests carried out.
  - - - contributor
        
        Natural or legal person, national or foreign who receives the taxable income subject to this tax.
  - - - purpose
        
        Analyse whether a strategy is used that takes advantage of all existing tax options and deductions.
        
        Confirm whether there is fiscal planning and it is the most appropriate according to the family environment and future of the property.
        
        Evaluate whether there are economic-fiscal risks, to avoid or reduce them.
      - Standards (NAGAS)
        
        Definition
        
        These are the fundamental audit principles that auditors must adhere to during the audit process.
        
        implementation
        
        Review process and relates to the functional conduct of the auditor as a human person and regulates the requirements and qualifications that he or she must meet to act as Auditor.
- - - - A document signed by the public accountant in accordance with the rules of his profession, relating to the nature, scope and outcome of the examination of the financial statements of the entity concerned.
        
        objective
        
        The objective of an audit of financial statements is to express an opinion as to whether the financial statements are reasonably presented in accordance with generally accepted accounting principles.
        
        purpose
        
        Express an independent professional opinion as to whether those statements present the financial position, results of operations, changes in accounting capital and changes in the financial position of an enterprise, in accordance with generally accepted accounting principles.
    - - It should be the same in which the auditor completes its audit work, that is, when it withdraws from the offices of the entity, once the evidence of the information it is issuing has been obtained.
    - - If they do not comply with the legal provisions, the registered public accountant shall be reprimanded or the effects of his registration shall be suspended for up to two years.
        
        recidivism
        
        The registration shall be definitively cancelled.
  - - - The totality of the documents prepared or received by the public accountant, which constitute a compendium of the information used and the tests carried out in the execution of his work.
        
        Standards of Reporting
        
        Article 7. of the Act 43 of 1990
        
        includes
        
        The report should contain an indication of whether such principles have been uniformly applied in the current period in relation to the previous period.
        
        Where the Public Accountant considers that he is not in a position to express an opinion on the financial statements taken as a whole, he shall state this explicitly and clearly.
        
        The report should include an indication of whether the financial statements are presented in accordance with Generally Accepted Accounting Principles in Colombia.
- - - - type of document
        
        Summary or adjustment papers and reclassifications.
        
        External media.
        
        Certificate of materiality.
        
        Memos.
        
        Score sheet.
        
        Letter of recommendations.
        
        Tax audit report.
      - evaluating the evidence
        
        Once the evidence has been obtained and documented, the auditor must conclude whether the evidence is sufficient and adequate to give an opinion or whether, on the contrary, he should refrain from giving a professional opinion.
- - - - Techniques of tax auditing
        
        Confirmation
        
        Estimate
        
        Calculation and analysis
        
        Targeted testing
        
        Inspection
  - - - Definition
        
        Summary procedure by which it is established, from a totalizing point of view, that the tax bases declared for the purposes of a tax have been declared, during the same tax period, with equal effectiveness and integrity, on other taxes also accrued and that those tax bases coincide with their equivalent accounting concepts.
  - - - The tasks to be performed by the auditor in reviewing the financial statements of an enterprise include verification of the existence of tax contingencies related to existing taxes, to enable it to express an opinion as to whether the tax assets/liabilities accounted for reasonably reflect the likely year-end tax liabilities/claims accrued at that date.
        
        Alternative
        
        The enterprise decides to adjust the financial statements accordingly.
        
        The company does not make the adjustment.
        
        Auditor will undertake
        
        Require the inclusion of a note to the financial statements .
        
        Don’t qualify the opinion.
        
        Rate the opinion if the contingencies are significant.