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VITARA - Audit

Susan Betts and Patrick Faughnan

This module provides a solid understanding of audit as a key tool available to a tax administration to promote and enforce compliance. The module explains international good practices in designing and managing an effective audit program including the necessary legal powers, audit-related organization, and governance arrangements as well as the staff expertise and resources needed for audit as well as auditor performance evaluation. The module focuses on practical issues such as how audit cases are selected, the different types and scope of audit, and audit methods that are available to staff. It also discusses the concepts of audit integrity, audit quality assurance, and the Random Audit Program as well as electronic audit tools and how they can be used in conducting audits. The module introduces a potential annual operational performance dashboard that can be implemented to allow program monitoring throughout the fiscal year. Finally, the module highlights the key components of an audit process.

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What's inside

Learning objectives

Upon completion, learners will be able to
Explain how audit plays a role in enforcing compliance.
Contrast the different types of treatments available to manage compliance.
Identify the legislative provisions needed to support an audit and verification program.
Distinguish the key elements of effective organization and governance for an audit and verification program.

Assess the staffing requirements for an audit and verification program, including the number of audit staff, training needs, skillsets, and how to evaluate individual performance.
Understand why segregation of duties is important and the role of headquarters in managing the audit and verification program.
Recognize the tools and systems required for the implementation of an audit program, including case selection, audit types and methods, audit case management and audit quality assurance.
Establish the different data requirements for performance measurement and analysis.
Define the audit process, including planning, conducting, recording, and finalizing an audit.

Upon completion, learners will be able to
Explain how audit plays a role in enforcing compliance.
Contrast the different types of treatments available to manage compliance.
Identify the legislative provisions needed to support an audit and verification program.
Distinguish the key elements of effective organization and governance for an audit and verification program.
Assess the staffing requirements for an audit and verification program, including the number of audit staff, training needs, skillsets, and how to evaluate individual performance.
Understand why segregation of duties is important and the role of headquarters in managing the audit and verification program.
Recognize the tools and systems required for the implementation of an audit program, including case selection, audit types and methods, audit case management and audit quality assurance.
Establish the different data requirements for performance measurement and analysis.
Define the audit process, including planning, conducting, recording, and finalizing an audit.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Develops key skills for implementing, managing, and monitoring an audit program

Explores practical issues faced by auditors in the field, including case selection, scope of audits, and audit methods

Provides a comprehensive overview of the audit process, from planning to finalization

Examines the role of technology in auditing, including electronic audit tools and performance measurement

Introduces best practices for ensuring audit quality assurance

Taught by experienced instructors with expertise in audit and tax administration

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Activities

Coming soon We're preparing activities for VITARA - Audit. These are activities you can do either before, during, or after a course.

Career center

Learners who complete VITARA - Audit will develop knowledge and skills that may be useful to these careers:

Risk Manager

A Risk Manager identifies, assesses, and manages risks. This course may be useful for preparing to enter this field since it would help build a foundation in the fundamentals of risk management, including how to conduct audits and make recommendations for mitigating risks.

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Tax Auditor

A Tax Auditor reviews tax returns and ensures compliance with tax laws and regulations. This course may be useful for preparing to enter this field since it would help build a foundation in the fundamentals of tax auditing.

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Auditor

An Auditor conducts audits and provides assurance. This course may be useful for preparing to enter this field since it would help build a foundation in the fundamentals of conducting audits. This includes assessing the effectiveness and compliance of risk management, control, and governance processes.

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Compliance Officer

A Compliance Officer develops and enforces policies and procedures to ensure compliance with laws and regulations. This course may be useful for preparing to enter this field since it would help build a foundation in the fundamentals of auditing compliance.

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Forensic Auditor

A Forensic Auditor investigates fraud and financial misconduct. This course may be useful for preparing to enter this field since it would help build a foundation in the fundamentals of forensic accounting and auditing.

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Internal Auditor

An Internal Auditor evaluates the effectiveness of internal controls and makes recommendations for improvements. This course may be useful for preparing to enter this field since it would help build a foundation in the fundamentals of internal auditing, including risk management and internal control.

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Treasury Analyst

A Treasury Analyst manages the financial resources of an organization. This course may be useful for preparing to enter this field since it would help build a foundation in the fundamentals of financial management, including risk management and internal control.

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Tax Consultant

A Tax Consultant provides advice on tax laws and regulations. This course may be useful for preparing to enter this field since it would help build a foundation in the fundamentals of tax law, including how to conduct tax audits and make recommendations on tax planning.

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Management Consultant

A Management Consultant provides advice to organizations on how to improve their performance. This course may be helpful for preparing to enter this field since it would help build a foundation in the fundamentals of business analysis and process improvement, including how to conduct audits and make recommendations for improvements.

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Taxation Specialist

A Taxation Specialist provides specialized tax advice to individuals and organizations. This course may be useful for preparing to enter this field since it would help build a foundation in the fundamentals of taxation, including how to conduct tax audits and make recommendations on tax planning.

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Financial Analyst

A Financial Analyst evaluates and makes recommendations on investments. This course may be helpful for preparing to enter this field since it would help build a foundation in the fundamentals of financial analysis, including the accounting and financial statements that are reviewed during audits.

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Operations Manager

An Operations Manager plans and oversees the day-to-day operations of an organization. This course may be useful for preparing to enter this field since it would help build a foundation in the fundamentals of business operations, including financial management and risk management.

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Budget Analyst

A Budget Analyst prepares and manages budgets for organizations. This course may be useful for preparing to enter this field since it would help build a foundation in the fundamentals of financial management, including risk management and internal control.

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Forensic Accountant

A Forensic Accountant investigates fraud and financial misconduct. This course may be useful for preparing to enter this field since it would help build a foundation in the fundamentals of detecting and investigating fraud.

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Tax Manager

A Tax Manager oversees the tax function of an organization. This course may be useful for preparing to enter this field since it would help build a foundation in the fundamentals of tax management, including how to conduct tax audits and make recommendations on tax planning.

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Reading list

We've selected nine books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in VITARA - Audit.

Audit Guide