Show download pdf controls
  • Independent reviews

    Independent reviews conducted by the entity's internal audit team or an external service provider can be useful in providing assurance about the integrity of the entity's FBT administration.

    These reviews may help an entity ensure that:

    • ongoing compliance obligations are met
    • processes are working as effectively as possible
    • the entity's senior managers and executive are aware of potential risk exposures.

    As with any review, the entity should implement measures aimed at ensuring that FBT reviews are adequately planned, performed and supervised, and that the results of the review are comprehensive and constructive. The review should include appropriate consultation with responsible officers, senior management and external parties, as required.

    Entities should consider if their internal audit plan should include a periodic audit of FBT administration, either as a stand alone audit or as part of a broader audit of entity tax or legal compliance.

    External reviews

    Where an external party is engaged to prepare or review part or all of the FBT return or to perform a post-lodgment review, the external party should provide the required certifications so that there is a clear record of the activities undertaken.

    Entity staff with responsibility for FBT administration should certify that they are satisfied that the work has been undertaken in accordance with contractual requirements.

      Last modified: 23 Jul 2015QC 18627