Okay, the business, including auditors, now in situation where actions have to be taken and decisions to be made.
The scenarios and preliminary analysis of Brexit situation were issued by the Big 4 firms recently. Please, follow links to find the reports available on the internet:
Based on these readings the companies influenced by Brexit will apply following framework:
After Referendum: 2016 -2018
- Deep analysis and development of the plan for full implementation of Brexit actions
- Communication of implications to customers, employees and other third parties
- Start partial/interim implementation of actions
- Political activity to lobby more positive post-brexit options
Brexit implementation by UK Government: from 2018
- Full implementation of the plan previously designed
The decision to conduct a field audit can be taken in order to verify whether the taxpayer has correctly fulfilled the obligations for VAT. The obligations of the audit section after the audit decision has been taken are: Preparation of audit program; Audit notice; Scope of audit notice; etc. Risk Assesments
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