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Revenue Audit

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.

There are two main stages of revenue audit which are as follows –

1. Testing of revenue accounts on your income statement
2. 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?

Eligibility Consultation
Document Preparation
Application Drafting
Government Fees

Revenue Audit

Duties Of Revenue Auditor

The duties of revenue auditor are as follows –

1. To detect fraud.
2. To detect tax evasion.
3. To detect manipulation in financial statements.
4. To detect unauthorized expenditure.
5. To check the invoices and ensure that sales occurred against the same or not.
6. To check the accuracy of the financial data of the business.
7. To check whether the revenue has been recognized or not.
8. They may contact clients too to verify certain transactions & sales.
9. To check and verify the closing stock of the inventory at the end of the year.
10. To check the internal controls of the company

Benefits Of Revenue Audit

1. More than 10 years of experience
2. Qualified professionals
3. Excellent customer service
4. Cost efficient
5. Customer delight
6. Time saving
7. Quick turnaround time
8. Continuous support over e-mail and phone (24X7).

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