Procedures for Reverse Auditing
A Reverse Audit is an excellent way to ensure proper and accurate compliance while posing no risk to you. Our fees are subject to the discovery of refunds. If we are unable to locate savings, you owe us nothing. Furthermore, we will identify areas of potential audit exposure and discuss any actions that can be taken to avoid future assessments. Best of all, you can be confident that your compliance will be better than ever in the future.
With our experience. No longer do companies need to worry about in-house experts, or turnover. We’ll handle your entire sales and use tax function.
Procedures and Requirements:
In general, our review will be divided into two phases. The first step is to identify potential refund areas as well as any potential exposure issues. Following the first phase, we will meet with you to discuss our findings and determine the best approach for gathering the data needed to document your refunds. The second phase will be spent intensively documenting and preparing refund claims.
What we need from you
We will typically require access to Accounts Payable invoices and use tax accruals. A chart of accounts can help you understand how invoices are coded and where the items are used in the process.
Our goal is to conduct the work in the background, allowing you to focus on other aspects of your business. We may have a few questions along the way but will limit those to the extent possible.
Field engagement duration
Our fieldwork is usually completed in less than a week. This varies greatly depending on the scope of the project and the size of the company. Prior to beginning the engagement, we will provide you with an accurate estimate of the fieldwork required to complete your review.