Internal Audit

The Internal Audit report for VAT/Tax Compliance, AML Compliance will provide you the insights in the business that how the VAT Inputs was applied, the criteria for selection of inputs, Items for VAT Compliance in Purchase, and expense invoices.  The invoices are address to the registered taxpayers, TRN numbers were properly used for accuracy and correctness

An Internal audit for VAT Compliance is conducted to ensure

• VAT Input invoices are issued from a registered Taxpayer
• VAT Invoices are addressed to your business name by using TRN Number
• The timing of VAT Invoices received and applied in Quarterly VAT returns
• Credit Notes if any received, were properly applied
• Credit notes wherever were required, issued to customers, and entered in books accordingly
• Business records are being maintained as per VAT Laws in force
• Quarterly VAT Returns are being filed in time
• Any due amounts of VAT / Taxes are being paid in time
• If any refunds arise, were claimed from FTA.

OBJECTIVES OF Internal Audit

• Identify the risk areas and suggest the proper mitigation plan.
• To provide assurance all VAT record is compliant as per VAT.
• The invoices and bills are readily available for Regulatory Audit of FTA if required
• Gives a true and fair view about whether the VAT Returns complies with the VAT Laws and rules.

SCOPE OF WORK
Our professional team will verify and validate your business records as per VAT Laws and Regulations of UAE, International standards of Accounting, International standards of Auditing and local regulations.  The procedure will be simplified and shared with the finance team if there are any observations.

• Conduct audit in accordance with VAT Laws and rules, and public clarifications issued from time to time.
• Checking and verification of all input and output invoices.
• Identify any gapes/risks.
• Preparation of complete report will recommendations.
• Prepare standard operating procedure to avoid the mistakes in future.
• Provide the necessary training to the finance team to follow the standard operating procedures.
• The Business records as per VAT Compliance requirements
• The measurement and review of the entity’s overall VAT Compliance.
• Internal control relevant to the audit.