Compliance
MRA Audit: What to Expect and How to Prepare
The letter arrived. Now what?
Types of audit
Desk audit (paper review), field audit (on-site) and investigation (fraud suspicion). Each has different intensity and rights.
Your rights
You may be represented by a tax agent. You have the right to see the audit findings before assessment. Object within 28 days if you disagree.
What auditors look at
Bank statements vs declared turnover, related-party transactions, expense substantiation, VAT input claims. Have these organised.
Settlement
Voluntary disclosure and cooperation often reduce penalties. Adversarial posture rarely wins — bring a Chartered Certified Accountant early.
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