#audit support

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IMSAS was developed to determine to what extent Member States are implementing and enforcing applicable IMO instruments and became mandatory in January 2016. Up to 25 audits of Member States are carried out per year in accordance with the overall audit schedule. All Member States are required to undergo a mandatory audit within a seven-year cycle established under the Scheme and, to date, 114 mandatory audits have been carried out under the first audit cycle which is expected to be completed in 2025. A Council Joint Working Group on the Member State Audit Scheme will consider in detail modalities for the further development of the Scheme into the second audit cycle, based on the potential introduction of a continuous monitoring approach and prioritization of audits, and to revise relevant documentation for the Scheme accordingly.

Monktaxsolutions offers reliable outsourced audit support to ensure your business is well-prepared for audits. Our skilled team assists with audit preparation, documentation, and communication, helping reduce the stress and complexity of the audit process. Whether you need a financial statement audit, compliance audit, or internal audit, we’ll guide you through every step with confidence and clarity. Visit our services page for more information, or call +1-844-318-7221 for personalized assistance and expert advice.

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Audit Support requires furnishing financial records and supporting documentation to auditors while assisting in the development of various process cycles.

Progressive Tax Services Inc. has always looked towards innovation and new technology to better serve our clients. It is interesting to see that our first returns were printed single sheets on laser printers, followed by increasingly better printers that were able to print on both sides of the papers to scanning and E-filing.

The risk of being audited is greatly overestimated by the general public. In fact, less than 1% of taxpayers are actually audited. Here are some additional tax audit misconceptions!