RISK BASED TAX AUDIT

by CA Kamal Garg

Contents at a glance

Bharat?	5
Preface to the First Edition	7
Detailed Contents	13
Chapter 1 Conceptual Framework of Risk Based Tax Audit	1
Chapter 2 Legislative Scheme of Section 44AB	10
Chapter 3 Relationship between Tax Audit, Statutory Audit and Special Purpose Reporting	22
Chapter 4 Applicability of Tax Audit: Business, Profession and Presumptive Taxation	39
Chapter 5 Sales, Turnover, Gross Receipts and Threshold Determination	53
Chapter 6 Tax Auditor: Eligibility, Appointment, Independence and Professional Responsibility	72
Chapter 7 Application of Standards on Auditing to Tax Audit	91
Chapter 8 Engagement Acceptance, Continuance and Engagement Letter	113
Chapter 9 Audit Planning and Overall Tax Audit Strategy	134
Chapter 10 Understanding the Entity, Business Model and Tax Environment	160
Chapter 11 Risk Assessment under SA 315 in a Tax Audit Context	184
Chapter 12 Materiality in Tax Audit Reporting	205
Chapter 13 Internal Control Evaluation for Tax Audit	226
Chapter 14 Fraud, Non-Compliance and Tax Audit Risk	247
Chapter 15 Audit Documentation and Working Papers	268
Chapter 16 Audit Evidence and Substantive Procedures	295
Chapter 17 Analytical Procedures in Tax Audit	321
Chapter 18 Audit Sampling and Selection of Items for Testing	345
Chapter 19 Use of Work of Others, Experts and Service Organisations in Tax Audit	370
Chapter 20 Written Representations, Management Responsibility and Auditor's Reliance	393
Chapter 21 Completion Procedures and Final Review before Signing the Tax Audit Report	415
Chapter 22 Reporting under Form No. 3CA, Form No. 3CB and Form No. 3CD	439
Chapter 23 Foundational Reporting in Form No. 3CD: Basic Particulars, Business Profile, Books of Account,Method of Accounting and Stock Valuation	462
Chapter 24 Reporting under Form No. 3CD: Clauses 15 to 20 - Deemed Income, Income Not Credited,Immovable Property, Depreciation, Specified Deductions and Employee-Related Payments	487
Chapter 25 Reporting under Form No. 3CD: Clauses 21 and 22 - Amounts Debited to Profit and Loss Account but Inadmissible or Reportable	513
Chapter 26 Reporting under Form No. 3CD: Clauses 23 to 26 - Specified Persons, Deemed Profits, Section 41 and Section 43B Liabilities	538
Chapter 27 Reporting under Form No. 3CD: Clause 27 - CENVAT Credits and Prior Period Income or Expenditure	562
Chapter 28 Reporting under Form No. 3CD: Clauses 28 to 30C - Omitted Clauses, Section 56 Income, Hundi Transactions, Secondary Adjustment, Thin Capitalisation and GAAR	586
Chapter 29 Reporting under Form No. 3CD: Clause 31 - Loans, Deposits, Specified Sums, Specified Advances and High-Value Receipts/Payments	617
Chapter 30 Reporting under Form No. 3CD: Clauses 32 to 44 - Losses, Deductions, TDS/TCS, Quantitative Details, Deemed Dividend, Statutory Audits,Ratios, Tax Demands, SFT/CbCR and GST Expenditure Break-up	645
Chapter 31 Sector-Specific Risk Considerations in a Risk Based Tax Audit under Section 44AB	667
Chapter 32 Penalties, Deficiencies and Professional Misconduct Risks	690
Chapter 33 Quality Management, Peer Review and Future of Risk Based Tax Audit	703
Chapter 34 Standard Operating Procedure for Conducting a Risk Based Tax Audit	721