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E-Audit Solution Sparks Debate Over Conventional Tax Audit

A new e-audit solution has raised questions about the conventional tax audit process, with experts weighing in on its potential benefits and drawbacks.

Key Features of E-Audit Solution

• Uses big data to analyze taxpayer information
• Automates the assessment process
• Provides additional support for taxpayers and tax advisers
• Stores large amounts of data even if an audit is aborted
• Generates a tax assessment, reducing manual calculations
• Includes pre-filled tax returns to facilitate utilization

Benefits of E-Audit Solution

• Improves efficiency and reduces costs according to recent benchmark analysis
• Provides transparency and understanding through Q&A section and support hotline
• Allows for additional analyses, such as benchmarking purposes
• Enables data accuracy, uniformity, and comprehensibility

Survey Results

• 13 potential features received high scores in a recent survey
• Top-ranked feature was the ability to receive information about the result of the assessment
• Significant majority of respondents agreed that e-audit process increased legal certainty, provided sufficient information, and was easy to use
• However, some respondents expressed concerns about sufficiency of support from financial authorities and correctness of results

Time and Cost Savings

• Majority of respondents reported significant time and cost savings in the following areas:
  • Data collection
  • Data preparation
  • Tax assessment/filing of tax returns
  • Tax audit and appeal process
• Respondents provided information about reasons for these savings, which can inform creation of a cost-benefit ratio

Conclusion

The e-audit solution has sparked debate over the conventional tax audit process. While there are concerns about sufficiency of support from financial authorities and correctness of results, the survey suggests that the e-audit solution has the potential to improve efficiency and reduce costs.

As technology continues to evolve, it is likely that tax audit processes will continue to adapt and innovate. The results of this survey provide valuable insights into the impact of e-audit solutions on taxpayers and tax authorities, and can inform future improvements to the system.