The process of thoroughly reviewing and examining tax returns filed by a company or individual to ensure that they are accurate, complete, and comply with applicable tax laws and regulations.
The review of returns involves the following steps:
Documentation collection: All tax returns filed are collected, as well as the supporting documents and information used to prepare those returns. This may include accounting records, invoices, expense receipts, income receipts, and any other relevant documents.
Verifying the accuracy of the data: The accuracy of the data included in the tax returns is verified by comparing it with the accounting records and supporting documentation. This involves reviewing the amounts reported, the calculations made, and any other relevant information to confirm that the data is correct and adequately supported.