A practising tax consultant inquired about issuing an 'Internal Audit Report' to clients after filing their Income Tax Returns. The report would highlight observations and analytics from assessing the books of accounts, aiming to help small traders understand their business performance and areas for improvement. Experts confirmed that tax consultants are authorised to issue such reports and can use the terms 'Internal Auditor' and 'Internal Audit Report' as it provides a valuable service to clients.
I am a Practicing Tax Consultant. I would like to know, after completion of ITR Filings of my clients ( Non Tax Audit) I'm in a Plan to issue a ' Internal Audit Report' to my clients ( In addition to the P&L and BS)
The Internal Audit Report will Highlight the Observations and Analytics I came through while Assessing the Books of Accounts and preparing the Financials and after Filing of Income Tax.( Non Tax Audit Cases )
I believe it will help the Small Traders ( Non Tax Audit) and Clients to understand where they stands, what they achieved and to know more where to improve their Business.
Kindly advise am I authorized to issue an Internal Audit Report