"In the governance structure of an organization the internal audit department (IAD) has an important role: having a TCF, takes tax out of the “black box” and makes it auditable on the processes and relating control measures which should be in place. An IAD will not audit the tax technical content of the tax position of the organization, but can audit whether appropriate persons were involved as set in the TCF. As a result, the IAD plays an important role in the operation of a TCF, because “what is being measured will be done”. In this respect it works both ways: the IAD can function as auditor of the tax function because of a TCF, and the TCF can be embedded in the organization through the work of the IAD."
No part of this website may be reproduced, transmitted or otherwise distributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission.
The content is provided solely for the purpose of enhancing knowledge on tax matters. It does not provide tax advice to any taxpayer because it does not take into account any specific taxpayer’s facts and circumstances.