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Foreign Income Taxes Mapping

By Allen Jenkins,2014-09-29 17:17
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Foreign Income Taxes Mapping

    Corporate Cycles

    Foreign Income Taxes

Cycles: Income Taxes

Cycle Code Description: FT

Assertions: Completeness; Obligation; Segregation of Duties

Risk Level: High

    Key Control

    Attributes Key Control

    A Y

    1. All tax returns are reviewed and approved by appropriate

    personnel prior to submission to tax authorities.

    [Completeness]

    2.

    3. Prior to payment, appropriate personnel authorize all tax payments. [Obligation]

    4. Tax authority calculations and technical positions are

    reviewed and approved by appropriate personnel.

    [Completeness]

    5. Periodically, the following tax reporting schedules are

    prepared and reviewed by appropriate personnel and

    properly recorded prior to submission to

    Consolidations:

    - Reconciliation of pretax income to net income

    - Effective tax rate reconciliation ; - Analysis of taxes currently payable

    - Analysis of deferred tax assets/liabilities

    - Computation of foreign deferred and current

    provisions [Completeness] a reconciliation of book

    (accounting) versus taxable income is prepared and

    reviewed.

    6. Periodically, tax authority’s assessments balances are

    reconciled to income taxes expenses and ; payable/receivable balances recorded in the General

    Ledger. [Completeness]

    7. Periodically, calculated temporary differences are ; reviewed by appropriate personnel prior to recording in Legend

    M Major key control

    A - Antifraud control

    Y - Year-end key control

    Corporate Cycles

    Key Control

    Attributes Key Control

    A Y

    the General Ledger. [Completeness] Included in # 5

    8. Proper segregation of duties exists between processing,

    approving and reconciling income tax payments. ;

    [Segregation of Duties]

    9. Income tax expense and payable/receivable is

     reviewed by appropriate personnel and properly

    recorded in the General Ledger. [Completeness]

Legend

    M Major key control

    A - Antifraud control

    Y - Year-end key control

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