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How Compliant is Your VAT Accounting?

Richard Law Senior Tax Manager at Deloitte discusses the motivation for VAT systems compliance and various standards that have been developed
'A key component of any quality financial reporting process is the establishment of internal controls that provide reasonable assurance that the financial statements have been prepared in accordance with generally accepted accounting principles.' Lynn Turner SEC.
The regulation of financial reporting is a major concern to large businesses and much effort has been spent on making sure controls are in place. However one area that has possibly been overlooked is the compliance of VAT processing within financial systems.
A number of standards have been developed for VAT systems compliance. They include the advent of the tax audit file and its contents which may...

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