CT Audit Pack Preparation
What is an Audit Pack?
An audit pack is a collection of documents and schedules prepared for a Corporate Tax audit or FTA inspection.
Key Components
1. Financial Statements
- Audited financial statements (IFRS)
- Notes to the financial statements
- Management accounts
2. Tax Computation
- Detailed CT computation
- Reconciliation of accounting profit to taxable income
- Supporting schedules for each adjustment
3. Supporting Documentation
- General ledger and trial balance
- Invoices for major expenses
- Contracts and agreements
- Bank statements
4. Transfer Pricing
- Transfer pricing study (if applicable)
- Master file and local file
- Benchmarking analysis
5. Corporate Records
- Trade licence and MOA
- Board resolutions
- Shareholder registers
- Related party disclosures
6. Loss Schedules
- Loss carry-forward schedule
- Loss utilisation calculations
- Group relief elections
Organization
- Index each document
- Cross-reference to tax computation
- Ensure consistency between schedules
- Prepare a summary memo