A useful compliance review is more than a checklist. It connects tax returns with the underlying transactions, accounting records and supporting documents to identify areas that may attract questions during an audit.

Focus on reconciliation

Differences across returns, books, invoices and third-party data should be identified and explained. Particular attention may be required for input tax credit, classification, place of supply, exemptions and unusual transactions.

Turn findings into action

Review findings should be prioritised according to risk and supported by a clear action plan. This may include collecting missing documents, correcting processes, documenting a legal position or assessing available remedies.

A timely review helps management understand exposure and engage with an audit from a position of preparation.

This article is provided for general informational purposes only and should not be construed as legal, tax, or professional advice. Specific advice should be sought based on the facts of each matter.