Implementing Data Analytics in Tax Audit

Description

Introduction 

Large and small organisations now have a vast amount of data at their fingertips, as well as increasingly advanced ways to analyse and segment it for policy implementation purposes. Information on taxpayers’ activities and transactions, as well as on organisations’ day-to-day running, is now quickly gathered, stored and accessed.

The world of direct or indirect taxes is rapidly changing. Advancing technology and increasing dependence on ERP systems for tax processes require new skills from tax professionals to meet the increasing focus of internal and external stakeholders on tax audits and tax risks. With the help of data analytics, a complex ERP landscape and indirect tax processes can be unravelled. Anomalies in data can be signalled in good time and efficiently followed up, resulting in increased control of the end-to-end tax process. Moreover, increased control data analysis can unlock additional tax value within the data, which can serve as a basis for business improvements in tax processes and supply chains.

The power of data analytics could make it possible for tax professionals to Implement and improve audits by Testing complete sets of data rather than just testing samples.

Learning Outcomes: By completing this course, participants will be able to:

• Process and implement Tax and non-tax value from data analytics
• Generate multiple operating scenarios to explore a range of outcomes and values for the Implementation purposes
• Describe the purpose, scope and value of data Analytics in Tax Audit
• Understand Tax processing in ERP systems (end-to-end process)
• Perform sensitivity data analytics on key assumptions and assess the overall impact on tax transaction
• Understand the Process of VAT monitoring through data analytics
• Manage deductions in a financial model to affect results