A tax audit is an examination into the background of tax related transaction to confirm that these are correctly calculated, paid and recorded. Since in today's dynamic environment both business and individuals have to conform with numerous taxation and other laws so a tax audit actually ensures compliance in order to minimize tax risk exposure to the client.
The primary purpose of a tax audit is to make certain that books of Accounts have been maintained in agreement with the provisions of the Income Tax Ordinance 2001:
- Ensure that audit has effectively curbed Tax Evasion and ensures Tax Compliance;
- It enhances the reliance of stakeholders
- Helps in improved tax planning
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