Although tax audits are a common issue for any corporation, the level of complexity in supporting a global audit has been raised to a much higher level than ever before. Additionally, as reporting requirements get more sophisticated, so does audit substantiation.
Tax Directors are keenly aware of the importance of finding supporting documents easily in the event that their corporation is audited. Due to the time lag between the filing of tax returns and the start of an audit, finding supporting documentation can be very difficult and time consuming. An audit may begin three or more years after a return is filed and the completion of that audit may not happen until several years after that. All the while, Tax Directors must shoulder the burden of complexities piling up on them throughout the entire audit process. Not being able to find adequate supporting documentation is costly – it costs real money, loss of tax attributes, loss of credibility, and adversely impacts the effective tax rate.
TTI’s AuditTracker streamlines the documentation process by integrating it into the compliance and provision processes, thereby enhancing tax audit processes and various adversarial proceedings. It was developed to help manage the audit workflow and response process, status tracking, risk assessment, document retrieval, document retention, and review process
If you were to be audited tomorrow, would you be able to respond quickly and effectively?
Can you retrace all your steps?
Benefits and Features:
Audit Intelligence
AuditTracker provides intrinsic support for a wide variety of issues that could potentially impact the outcome of an audit. This includes support for Revenue Agent Report (RAR), Information Document Request (IDR), Form 5701 (Notice of Proposed Adjustment), and internal audit adjustments.
Status Tracking
Built-in status tracking and project management features make it easy to stay on top of upcoming deadlines. Automated e-mail notifications notify key participants of pending requests in order sustain a desirable rate of processing. Built-in risk assessment features help users measure and quantify the pending impact of audit adjustments.
Flexible Searching
The flexible document search capability makes it easy to find all supporting documentation and workpapers. All of this documentation and history can be made available to users with just three mouse clicks.
Document Retention
AuditTracker automates and simplifies the burden of document retention and maintaining document history. It can preserve and retrieve the original tax returns and supporting documents. At the same time, AuditTracker helps Tax departments save a substantial amount of time in responding to audit issues raised by various audit jurisdictions.
Multi-Jurisdiction
Using AuditTracker, Tax departments can assess the impact of conceding an issue from one jurisdiction on other jurisdictions and therefore quantify the impact on the overall tax liability.
Participant profiling
AuditTracker allows users to keep track of audit issues by both company and counter-party participants. Over time, this provides the scoring of audit successes and failures of each participant and audit issue, thereby, allowing companies to make decisions on how to structure their audit defense teams in the future.
Customizable Features
- Allows for compliance software integration
- Provides digital document retention
- Allows users to define document types
- Provides user-defined status detail
- Provides user-defined reports based on search criteria
- Allows for easy document retrieval with Microsoft Excel®, Adobe Acrobat® and others
- Grants extensible document and process support
- Provides built-in e-mail notification — for all e-mail systems
All TTI products are built on the same platform, providing seamless integration between products. The integrated suite uses the same architecture as all other Tax Series modules, utilizing one integrated database and user interface. Although primarily developed to address the issues related to tax audits, AuditTracker can also be used as a work process and document retention tool for financial audits, SEC investigations, and other adversarial proceedings