Module 1 Overview
The completion of the engagement between the accountant, the client and tax-Radar™ is concluded first.
In this module the tax-Radar™ Strategic Tax Risk Overview is assembled through:
- The composition of a dedicated “Tax Team” appointed from both internal and external members who ultimately are responsible for implementing and executing the tax-Radar™ Program making formal recommendations to the Board of Directors.
The Tax Team – comprised of the client’s operating executives (Finance Director, VP Sales, Division VP’s), accounting firm relationship accountant, and tax-Radar™ executive consultant all of whom are involved on an ongoing basis with the implementation and execution of the tax-Radar™ Program.
- Client’s tax risks that are identified in the Strategic Tax Risk Overview are placed into an on-line tax-Radar™ Risk Matrix with oversight provided by the accounting firm and their in-house tax-Radar™ executive consultant. All known tax risks are listed and divided into two categories:
- On the Radar Risks - a collection of all current tax issues and queries outstanding with the Tax Authority (IRS, SARS, APEH, ANAF or the appropriate taxing body) and known to the tax authority. These might include outstanding tax returns, outstanding or current queries/audits with the tax authority.
- Off the Radar Risks - all historical tax risks determined after analyzing transactional, operational, compliance, financial accounting, management and reputational areas of tax risk that may or may not have been previously known to your client and have not yet been identified by the tax authority.
Step 1 - Complete the tax-Radar™ Retainer Agreement
Download the tax-Radar™ Retainer Agreement (please select applicable region retainer):
Complete the tax-Radar™ Retainer Agreement and prepare for sending.
Step 2 - Complete the tax-Radar™ Mandate Documents
Download the tax-Radar™ Mandate Documents (PDF, 1.9mb)
Complete the tax-Radar™ Mandate Documents and prepare for sending.
Step 3 - Complete the tax-Radar™ Tax Risk Questionnaire via SurveyConsole
Complete the comprehensive questionnaire that identifies all existing areas within a company that impact tax risk. This will include summaries of the existing roles/responsibilities and the tax risk gaps that exist. This is the entry point to the tax-Radar™ System online (accounting firms control the interaction, and have a dedicated Tax-Radar executive consultant to utilize as their “in-house” consultant).
Click here to launch the tax-Radar™ Tax Risk Questionnaire via SurveyConsole
Step 4 - Identify Tax Risks with tax-Radar™
Download the Tax Risk Matrix Template (MS Excel, 320kb)
Download the Tax Risk Review Template (PDF, 1.7mb)
The tax-Radar™ Risk Matrix is completed with the tax-Radar™ Tax Risk Review Template to summarize all the known and identified tax risks. Both are updated every three months, by the client through the accountant, on the tax-Radar™ IT system.
Complete the tax-Radar™ Tax Risk Matrix & Review templates and prepare for sending.
The completion of the initial tax-Radar™ Tax Risk Matrix and the tax-Radar™ Risk Review Template, is followed by an analysis of the results in tabular report form, identifying and quantifying the estimated tax risk exposure, and prioritizing the tax risk areas that require immediate attention.
A sample tabular report appears on page 54 of:
tax-Radar™ Special Report.
Step 5 - Submit documents to tax-Radar™
E-mail all completed documents to analysis@tax-radar.com, with the name and tax-Radar™ Unique Identification # in the subject heading.
Document Checklist – Completed documents to be e-mailed:
- tax-Radar™ Retainer Agreement
- tax-Radar™ Mandate Documents
- tax-Radar™ Tax Risk Matrix
- tax-Radar™ Tax Risk Review Template
Further reading
7 Tax Risks in the Media - Read Articles.
View Module 2 >>> |
