Computer Audit Services
Identifying and quantifying tax savings
Customs Network can also provide extensive expertise in the use of Computer Assisted Audit Techniques (CAAT's). These services facilitate the identification of potential overpayments of Customs Duty and VAT, or processing deficiencies that can generate very significant revenue savings for our clients.
A wide range of tests can be performed on your accounting and transaction processing systems, for example:
- Duplicate transactions & payments
- Invalid codes (e.g. VAT Registration Numbers)
- Date validation errors
- File comparisons
- Error analysis (unexpected events)
- MSS data analysis
- Completeness and accuracy checks
- Tax point errors
- Sequence gaps (e.g. missing transactions)
- Tax/transaction value transpositions
- Rounding errors
- Tax code verifications
- Mathematical errors
- and more ...
The extensive tests that Customs Network provide can identify potentially substantial savings in Customs Duty and VAT for your organisation.
An independent and objective eye can often identify transaction processing errors or misunderstandings of tax requirements that could result in escalating overpayments if left undiscovered.
In addition to the identification of potential overpayments, the tests and associated consultancy can identify operational efficiencies and potential cost savings for the business as whole.
Contact Customs Network for a free and insightful discussion of what tests would be beneficial for your organisation.