When the auditor signs off on the tax positions in the financial statements

My gosh, this time of the year can be very, very frustrating for in-house tax… 🤬🥵 You know what I am talking about… closing… and financial audit…

The audit process can be rough. I know! I have been involved many times during my in-house days. A never-ending list of questions that come in about the tax provisions, ETR, any risk exposures, the most important tax projects, governance and controls, etc… Why this? Do you have an advisor memo? Are you sure about that?

Typically it’s an endless e-mail ping-pong, late in the evening, to provide what is requested. Or long meetings and calls just to convince the auditor about the positions taken. I know, they are only doing their job. But boy oh boy, it can be so frustrating to explain over and over again what you have done…

Here is the good news. We will soon be sharing some tips on how to become audit-ready by design. Stay tuned!

For all of you who are in the midst of the financial audit process: hang on there. Soon you will have that feeling again. Victory! We survived! Back to what we love doing!

By the way, if you'd like to see how the Loctax tax control platform helps organisations be audit-ready by design, check out our short demo video here: Watch Loctax Product Demo Video