Records

 

The report should include a list of all existing records, whether business or private. The person who maintains the business records, his qualifications and experience should be identified and the frequency with which the records are written up indicated.

 

Every aspect of the business should be considered, showing how each type of transaction is recorded from the moment of sale until the cash or cheque is banked, spent or drawn. The paperwork to maintain the record should be described and sample perhaps included in an appendix.

 

The same exercise should be carried out in respect of the business expenses records.

 

If special invoice books etc. are printed for the business, the bills for these items should be traced and the number of books printed established. Any books which cannot be found amongst the existing records should be accounted for.

 

Work Done on Records

 

The investigator will want to see the adviser’s working papers when considering the report and the report itself should include a summary of the work done on the taxpayer’s records when drawing up his accounts. The summary should draw attention to the extent to which the figures were vouched and the need to introduce estimated, computed or balancing figures to complete the accounts. Where such estimates etc. were required, details should be given of how they were arrived at and how they have been dealt with in the accounts.

 

The report should also give details of the further work carried out on the records during the course of the investigation. A thorough investigation of the prime records of the business (not just the accounting records), may show how the profits were omitted and the amounts involved.

 

If you are the subject of a Serious Fraud Investigation then you NEED professional help. Call Kinsella Tax Investigations today on 0800 471 4546 where a team of dedicated specialists are waiting to take your call

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