Annual report & statement of accounts
ANNUAL REPORT & STATEMENT OF ACCOUNTS
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| ANNUAL REPORT & STATEMENT OF ACCOUNTS 52 E: I NTERNAL A UDIT D IVISION The Internal Audit Division is mandated to ensure that the activities conducted by the Authority are done with strict adherence to the laws of Guyana, the organisation’s policies and Standard Operating Procedures, as well as international standards and best practices where applicable. The Division was reorganised to facilitate the additional function of conducting audit reviews of all applications for tax exemptions which were processed. As a result, the Division comprises three (3) Sections namely, Internal Audit Taxes, which is responsible for conducting audits and special assignments of Internal Revenue Operations, VAT Operations and the Common and Corporate Services Divisions, the Internal Audit Customs responsible for conducting audits and special assignments at the Customs and Trade Administration and Internal Audit Quality Review which is responsible for conducting reviews of processed applications for tax exemption. The Division completed a total of ninety-seven (97) audit examinations inclusive of thirty-eight (38) special assignments for the year 2014. Thirty-four (34) examinations were completed by the Internal Audit Taxes, thirty-seven (37) engagements by the Internal Audit Customs and twenty-six (26) by the Quality Review Section. The Internal Audit Taxes Section completed twelve (12) audits of Internal Revenue Operations. Of this total, five (5) special assignments were conducted and reports submitted to the Commissioner-General, while seven (7) routine audits were conducted with five (5) finalized and reports submitted to the Commissioner-General and the Internal Audit Committee. The remaining two (2) audits were in progress at the end of the year. Some of the areas audited included, Travel Voucher Tax, Professional Fees, Estate Duty and Certificates of Compliance issued. Meanwhile, audits completed for Value-Added Taxes amounted to eleven (11). Five (5) special assignments were completed and reports submitted to the Commissioner-General while six (6) reports on routine audits were finalized and submitted to the Commissioner-General with responses received from the Deputy Head, Value-Added Tax Division. Areas audited included VAT operations at the Integrated Regional Tax Offices, Registration and De-registration of VAT registrants, VAT Refunds and Dishonored Cheques among others. Eleven (11) audits of the Common and Corporate Services Divisions were completed in various areas such as Human Resources Management, Transportation Section, Procurement and Contracts, and Disposal of Assets. Five (5) reports on special assignments were submitted to the Commissioner-General while six (6) routine audits were completed of which five (5) were finalized and submitted to the Commissioner- General and the Internal Audit Committee, and one (1) was awaiting response from the Head of the Division audited. Audits completed by the Internal Audit Customs totaled thirty-seven (37). These audits comprised fourteen (14) routine and twenty-three (23) special assignments. Of these, eleven (11) routine and eight |