Close The Books (CTB) - Normal Controls

Question 1

CTB10

Answer 1

1. Are the company’s accounting and tax records adequately preserved to comply with retention periods set by local authorities or 7 years (whichever is longer)?

Question 2

CTB12

Answer 2

1. Are all taxes calculated and paid over in accordance with local legislation, including any payroll taxes relating to payments made offshore and any personal expenses?

Question 3

CTB14

Answer 3

1. If there are monthly interest or expense gains or charges (external and intra group) arising from loans, Hire Purchase agreements, leasing or similar, does management review these balances and document their approval to give assurance that they are complete and calculated accurately?