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Do you know the difference between a refund audit and an integrated audit?

by , 12 May 2014
Your company isn't immune to a SARS audit. When the taxman comes knocking on your door to audit your business, you need to fully comply. How do you do this? Well, your first step is, you must know the different types of audits and how they differ. Read on to find out the difference between a refund audit and an integrated audit so you can comply.

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Errors in Vat invoices could cost you thousands!

Are there any inaccuracies in your Vat invoices? You may be charged a very high penalty!

Click here to find out how to make sure your Vat invoices are 100% legal.

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Here's what you need to know about an integrated audit

According to the Practical Vat Loose Leaf Service, an integrated audit happens when SARS audits all your taxes at the same time.

This means an audit team can visit you and ask to inspect all records relating to Vat, PAYE, income tax, etc.

For example, SARS will compare the turnover in your Vat returns (VAT201) to the turnover on your annual financial statements and IT14 annual return. It can compare your payroll records and EMP201 returns with salary deductions you in the IT14 annual return. It'll also look at your cost of sales and compare that to your customs declarations if you import goods.

Integrated audits also have benefits for you as a Vat vendor. It means fewer audits at your premises since SARS will come and do all the necessary audits at the same time.

Now let's take a look at a refund audit

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You're wrong!

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Here's what you need to know about a refund audit

A refund audit, on the other hand, is a desk audit triggered when SARS gives you a refund.

SARS auditors do a refund audit to check if the refund is justified, that you got the correct amount and if you got the amount on time.

Now that you know the difference between an integrated audit and a refund audit, make sure you comply by helping SARS auditors with all the information they need to carry out the audit.

If you want to find out about other types of SARS audits and your audit rights, be sure to check out the Practical Vat Loose Leaf Service.



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