Tax Oversight Function of the Audit Committee
Executive Summary
Business transactions and financial reporting are impacted by taxes in several ways including sales tax, value-added tax, customs, duties, intercompany taxes, and income taxes. Corporate income taxes, proper compliance with tax rules and regulations, and tax planning require considerable judgments and estimates by the management. These judgments and estimates can have a significant impact on the accuracy and fairness of financial reports. Management judgments, policies, and practices for all types of corporate taxes should be reviewed and approved by the audit committee. This chapter discusses the audit committee oversight function over tax considerations.
Introduction ...
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