Striving to be “the best in class”
Transparency and control
The tax landscape has changed. Never before has it been so important for your business to demonstrate control over tax risk.
More often than not tax has a significant impact on companies financial results. At the same time, tax is recognised as one of the biggest and least understood risk areas.
Aside from the continual drive for robust internal controls, there is also increased interest from stakeholders in the way in which an organisation manages its tax affairs. Add to this evidence of increasing cooperation between Revenue Authorities across all borders, it is not surprising to see why many companies are taking tax risk seriously, and embarking on various tax function effectiveness initiatives.
Companies are required to be transparent in the way in which they manage risk, including tax risk. The head of the tax function will only be able to report to the Board, the Audit Committee and other stakeholders, in a transparent manner, if he or she is able to understand and control the company’s tax risk.
Achieving effectiveness through a best practice tax control framework
As companies look for ways to improve tax operations, strengthen processes, improve compliance and manage the global effective tax rate, there is growing interest in benchmarking the tax function against best practice standards.
How we can support you
We have developed a Tax Function Effectiveness service to help your client improve the performance of their tax department in planning, accounting, financial reporting, and compliance.
The service focuses on several key areas, including:
- Tax function reviews;
- Tax compliance and other technology;
- Tax strategy;
- Tax policies;
- Risk assessment;
- Measurement of tax risk;
- Internal controls remediation; and
- Process documentation and operations manuals.
