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top ten tax controls

By Occasional Contributors | 3 Minutes Read July 15, 2013

Monitoring controls: The top ten tax controls

At year end, external auditors heading into the tax department do not generally rely on internal controls to reduce testing; a great deal of effort is focused on substantively testing the income tax balances on the financial statements. Tax processes are notoriously manual in nature with numerous adjustments required to manipulate general ledger information into useable tax information. We have compiled a list of the top ten tax controls every company should have in place with the emphasis (as expected) on monitoring controls.

Article by Occasional Contributors / Business, Finance and Accounting, Not for Profit / audit, external auditors, financial statements, general ledger, income tax, Income Tax Act, Internal Controls, monitoring controls, raw data, reducing audit fees, tax contingencies, tax department, Tax Plan Implementation Review, Tax processes, tax rates, top ten tax controls

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