Internal Audit has to contribute added value in realizing tax objectives and support tax performance improvements initiatives proactively.
Both risk & control evaluation and data analytics are competencies needed to realize these objectives and must be closely aligned for an effective implementation.
Data analytics can be used to establish process and tax improvement within and beyond Internal Audit (e.g. contribute value to planning).
What Phenix Consulting offers on Internal Audit Optimization for Tax
Phenix Consulting developed a methodology and toolkit to implement the necessary changes that support Internal Audit in:
- Performing tax controls testing and risk assessment on a frequent basis (near real-time) and in as automated a manner as possible
- Identifying tax risk areas before they have an impact on the business. This will support the perception by the business that internal audit is being proactive in identifying tax risks and tax improvement opportunities
- Transferring knowledge to business units to support overall tax optimization