If a taxpayer is selected for a client engagement activity, an audit or a review, and they maintain electronic records, the ATO may consider the use of e-Audit to obtain and analyse their records.
Benefits of an e-Audit
The of e-Audits include:
- Providing cost savings, as the ATO will ask the taxpayer to provide them with the information electronically, which will result in less requests for paper copies of transaction or reports;
- Minimizing disruption to the taxpayer’s regular business activities, as the ATO will spend less time at their premises;
- Allowing the ATO to analyse electronic information more efficiently, accurately and thoroughly than existing manual methods; and
- Providing taxpayers with a risk assessment of their IT systems.