Financial Statements Audits
Audits, auditors and audit firms play a vitally important role in the proper functioning of the financial system. Ensuring the highest levels of integrity and audit quality, therefore, is a priority we embrace.
Here at VK GLOBAL BUSINESS SOLUTIONS LTD further than just fulfilling our clients Statutory Requirements we aim to add value to our service by advising our clients on possible weaknesses in the Company’s internal controls system and identifying areas that operational efficiency can be improved.
Our Accounting Department can assist you in maintaining your Company Accounting records. Management information will be provided to you in accurate and prompt manner.
Help us to help you…Keys for an audit understanding
What is an Audit?
Audit is generally an impartial review of your tax return to determine its accuracy. It is not an accusation of wrongdoing. But it is important to know that you, the taxpayer, generally have to substantiate the entries on your return. The Tax does not necessarily have to disprove anything. For example, if you gave 0 worth of old clothing to a charity but did not receive a receipt or have other proof that such a gift was made, you could be in trouble if you’re audited. If the Tax inspectors questions the deduction and you cannot provide proper evidence that a gift, in such amount, was made, the deduction may be disallowed.
Don’t rush. Respond promptly to a notification of audit, but don’t hesitate to ask for a postponement if you need time to gather records.
Don’t lie. Answer questions truthfully, but don’t volunteer information that isn’t asked for.
Be friendly. A positive attitude will go a long way.
Keep good records. The burden of proof is initially on you.
Keep records for at least 7 years.
Ask for help. Call or visit us for help in preparation of your tax return.
Appeal the audit if you disagree with the findings.