5 reasons to carry out a Tax Audit in your company

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5 reasons to carry out a Tax Audit in your company

Posted By Prithvi Dodla     Jan 31    


Carrying out an audit in a company allows us to know what points should be improved, modified or changed. Likewise, it gives us a complete state of how the company is currently, and if the objectives set are being met. So, we will tell you some reasons to carry out a Tax Audit in your company.

What is the Tax Audit?

First, we will help you learn about this service. The Tax Audit is a process where the tax information of the entire company is completely reviewed, which can be for periods, for example, for a year or semester. This procedure makes it possible to verify if all tax obligations are being met or if certain aspects should be improved. For this, all accounting books, company documentation, among others, are reviewed.

Why carry out a Tax Audit for your company?

The Tax Audit allows you to know and organize your status before inspectors, among others. In addition, many companies decide to carry out this procedure for the following reasons:

  1. The Tax Audit allows you to know the weak points in the administration

As we indicated at the beginning, an audit allows us to detect which are the weak points that must be improved in order to have optimal management. It also allows a diagnosis of all the areas that could lead the company to fiscal and legal risks.

  1. Evaluate the inspection work

During semesters or a year, an Audit can be carried out to evaluate the inspection work carried out by different tax entities such as SUNAT. This audit also makes it possible to find out if any details need to be corrected or what must be done to avoid sanctions or fines that could harm the company.

  1. Reduce unethical operations and practices

Normally, there are mismanagements in relation to money management, so taxes are evaded. For this reason, the tax audit allows reducing unethical operations and practices. In addition, accounting operations can be contracted to keep tax regulations in line.

  1. Identify credits and taxes duly supported

Another benefit of carrying out a tax audit is to identify the credits and taxes, as well as the rates and other documents that support all the information and that, above all, guarantee all financial movements. If irregularities are found, there may be penalties or fines.

  1. Qualify and analyze contingency management

Finally, with this audit you can qualify and analyze contingency management, that is, have an emergency plan if something were to fail. To do this, they must be identified in time and corrected before there are inspections.

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