ubiquitous
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Again especially with your accountant/auditor I would be looking for some compensation. At the very least no increases for a few years!!
I have heard it said that the selection process for Revenue Audits is automatic and that correspondence to explain particular trends etc is useless in averting an audit.
Yes I have heard something similar but I was under the impression that Revenue would still have some sort of "manual" audit trigger if somebody saw something that they thought was odd and couldn't see an explanation for it.
Why should you worry about the VAT reclaim leading to a Revenue Audit? If you are tax compliant then you have nothing to worry about.
In fact unless I was trying to deceive Revenue, I would actually welcome a Revenue Audit, in a way it would act as a free consultation.
If you are covering something then you deserve to be caught - thats the system !
Yep great free consultation alright - along with the time, stress & inconvenience of it all. I suppose you apply for one every year to avail of this consultation.Why should you worry about the VAT reclaim leading to a Revenue Audit? If you are tax compliant then you have nothing to worry about.
In fact unless I was trying to deceive Revenue, I would actually welcome a Revenue Audit, in a way it would act as a free consultation.
If you are covering something then you deserve to be caught - thats the system !
Why, exactly?
Unless you have at least some detailed knowledge of the terms under which accountants and auditors are engaged by clients, and the procedures they follow in adhering to these terms, then you are hardly in a position to make such a sweeping assertion.
Not quite, but I would question the wisdom of your advice for the OP to seek compensation from their accountant/auditor even though you have absolutely no way of knowing whether they are at fault.As regards my knowledge of what they should or should not do: it seems you are saying that I have no right to comment on this because I don't have the necessary information to make a decision.
I am sure, given your occupation, that you issue your clients with a letter of engagement which sets out your responsibilities and your client's responsibilities. Mine does. The contents of that letter and pure commonsense would dictate that at the very least one or both of the people looking after your books are responsible, if in a minor way, for not spotting the error. What else do they do if they dont ensure your records are well organised and in a broad term - 'correct'.
What??
Besides the time away from the day to day operations of the business that preparing for, and under-going, a Revenue Audit takes, and the additional costs your accountant / auditors will charge for helping you with the audit, you also run the risk of the Revenue making a mistake, or having an incorrect opinion, and then you having to go through the trouble of convincing them that they are wrong (which can be troublesome sometimes). I don't think anyone actually welcomes a Revenue audit!
Yep great free consultation alright - along with the time, stress & inconvenience of it all. I suppose you apply for one every year to avail of this consultation.
I have to question your opinion as regards real world matters - anyone whose opinion is that Company owners would welcome Revenue audits hasI note from a previous mail that you are not an Accountant, so I assume (rightly or wrongly) your experience of Revenue Audits is limited.
I stand over my opinion that a Revenue Audit acts as a good check that you are doing everything correctly.
If you are compliant, there is no need to engage your accountant or auditors to help with the audit. Many Revenue audits are called "desk audits" and don't even involve a visit to the business premises & therefore should not involve a great deal of lost time in terms of day to day operations. They are particularly useful in new companies, where the owners would welcome guidence that their procedures are correct.
If you need evidence of this, look to the OP supplier, if they had a Revenue Audit, their mistake of not charging VAT would have been discovered and the OP would not be facing a problem now.
Of course this is my opinion.
I have to question your opinion as regards real world matters - anyone whose opinion is that Company owners would welcome Revenue audits has
to be detached from day to day business activity.
I note from a previous mail that you are not an Accountant, so I assume (rightly or wrongly) your experience of Revenue Audits is limited.
I stand over my opinion that a Revenue Audit acts as a good check that you are doing everything correctly.
If you are compliant, there is no need to engage your accountant or auditors to help with the audit. Many Revenue audits are called "desk audits" and don't even involve a visit to the business premises & therefore should not involve a great deal of lost time in terms of day to day operations. They are particularly useful in new companies, where the owners would welcome guidence that their procedures are correct.
If you need evidence of this, look to the OP supplier, if they had a Revenue Audit, their mistake of not charging VAT would have been discovered and the OP would not be facing a problem now.
Of course this is my opinion.
Please don`t let me keep you from your work - I`m sure you and your colleagues form one mighty & theologically perfect business unit!What world other than the real world do you think I operate.
You still don't get my point.
I'll have you know I'm very much in the middle of day to day business activities and in this area of work.
My opinion is also shared by some of my colleagues.
Please don`t let me keep you from your work - I`m sure you and your colleagues form one mighty & theologically perfect business unit!
If we compared experiences and knowldge in depth your opinion could very well turn out to be more correct
It`s meant to help you - to see the light. I came on here looking for advice not a sermon on the merits of Revenue audits.How does a post like this help anyone ?
(engagement letter)... Quite right but it does contain paragraphs on care and attention.
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