Audit Planning and Verification: standardized AMF, desk review and working papers ensure systematic tax compliance and evidential support. Audit Planning and Verification requires creating and updating a secure Assessee Master File (AMF) compiling registration data, returns and financial statements, conducting a thorough desk review to identify revenue risk, evaluating internal controls via walkthroughs and ABC analysis, and preparing a detailed, supervisor approved audit plan. Audit verification must follow the plan, document findings in contemporaneous working papers with supporting evidence, reconcile records with third party and regulatory filings, address CENVAT credit cross utilization, and communicate preliminary objections to the assessee/taxpayer to obtain clarifications before finalising audit reports.
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Provisions expressly mentioned in the judgment/order text.
Audit Planning and Verification: standardized AMF, desk review and working papers ensure systematic tax compliance and evidential support.
Audit Planning and Verification requires creating and updating a secure Assessee Master File (AMF) compiling registration data, returns and financial statements, conducting a thorough desk review to identify revenue risk, evaluating internal controls via walkthroughs and ABC analysis, and preparing a detailed, supervisor approved audit plan. Audit verification must follow the plan, document findings in contemporaneous working papers with supporting evidence, reconcile records with third party and regulatory filings, address CENVAT credit cross utilization, and communicate preliminary objections to the assessee/taxpayer to obtain clarifications before finalising audit reports.
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