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Updated on 16 May 2022 9.00 AM IST | 4 min read
What is Revenue Audit?
Revenue audit is the audit conducted to check & verify the accuracy of expenditure incurred and the income/revenue earned by the business. In the revenue audit, an auditor focuses on the areas which affect revenue items of the business.
- Testing of revenue accounts on your income statement
- Examination of accounts receivable on the balance sheet
In case of revenue audit, company’s tax returns are matched with the tax records and auditors focus on one or more areas of the business. For ex – Financial statements, tax information, compliances or business operations. The main role of the auditor is to examine the existing system, report or entity. It is a two-part process in which auditor checks & verifies the figures and the information of company’s tax returns by comparing the same with the business records. Generally, auditor checks the income returns over a period of one year. In case auditor notices any discrepancy, they may review your previous records too.
Auditors help in identifying the tax evasion as well as additional liabilities too. They will also collect fines, penalties or interest wherever applicable.
What Is Included In Our Package?
Duties Of Revenue Auditor
- To detect fraud.
- To detect tax evasion.
- To detect manipulation in financial statements.
- To detect unauthorized expenditure.
- To check the invoices and ensure that sales occurred against the same or not.
- To check the accuracy of the financial data of the business.
- To check whether the revenue has been recognized or not.
- They may contact clients too to verify certain transactions & sales.
- To check and verify the closing stock of the inventory at the end of the year.
- To check the internal controls of the company.
Benefits Of Revenue Audit
How Finacbooks Can Help?
Finacbooks is one of the leading Indian firms with more than 10 years of experience in helping businesses with Revenue audit. To avail the best deals on revenue audit, kindly call us at 8800221252 or you can also e-mail us at firstname.lastname@example.org
Revenue Audit FAQ’S
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No Conflict Between Power To Levy GST And Power Of Municipal Corporation To Levy Advertisement Fee Or Advertisement Tax: Karnataka High CourtMay 10,2022
Due date for deposit of Tax deducted/collected for the month of April, 2022. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax ChallanMay 07th ,2022
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of March, 2022May 15th ,2022
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of March, 2022May 15th ,2022
Due date for issue of TDS Certificate for tax deducted under section 194M in the month of March, 2022May 15th ,2022
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of April, 2022 has been paid without the production of a challanMay 15th ,2022
Quarterly statement of TCS deposited for the quarter ending March 31, 2022May 15th ,2022