Uncovering IRAS GST Audit Focus Areas: GST Controls System for Effective GST Management

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Description

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GST administration in Singapore has evolved rapidly, and the COVID-19 pandemic has accelerated the IRAS approach and know-how of the commercial environment, through the utilisation of technology to gain an overview, as well as detailed analysis of targeted GST registered businesses (GRBs). Hence, the focus of GST audit by IRAS has moved away from just surface review of GST reports to in-depth analysis of the GST controls systems put in place by GRBs. This has enabled IRAS to address the root cause of GRBs operational concerns and gaps that is contributing to incorrect GST reporting and heavy penalties payable.

In this timely and highly practical workshop, we will examine and evaluate the contributing factors to GST gaps observed and how GRBs could minimise them to ensure effective GST management.

Programme Outline

• Revisit of GST Fundamentals
  • To know areas about GST
  • GST classification reference point
  • The A.M.A. concept

• The Roles Accounting System and Available Technology Play (e.g. analytics, artificial intelligence) to Better Support GST Reporting and GST Risk Minimisation
  • Importance of GST logics and tax codes
  • Controls specification and fine tuning required in the accounting system
  • Regular testing of the controls
  • Exception reports
  • Relying on technology to make GST risk management fun

• Controls Applicable at Transaction Levels
  • Duplicate verification function and its effectiveness
  • Ability to modify base value and GST amount
  • Audit trails

• The WHAT, WHY, WHEN and HOW Accounting and Tax professionals should Evolve to Effectively Manage GST Risk and Keep Penalties to a Minimum
  • 3Ws to apply when keying and verifying transactions
  • How to ascertain completeness of GST reporting

• GST Reporting Aspect and the Controls Available to Support GRBs in its GST Reporting
  • Importance of Chart of Accounts
  • Looking at AP aging report
  • Sampling

• Recent Updates on Taking GRBs Forward
  • IRAS recent audit initiatives

What you will learn

• Be updated on GST pain points IRAS focus on as well as their audit coverage on GST Control Systems implemented by GRBs
• Find out how to overcome the operational issues and gaps of GST control systems
• Learn how to effectively manage GST risk and minimize penalties
• Be aware of IRAS recent audit initiatives and GST updates

Target Audience

• Finance Managers and Executives
• Accountants and Accounts Executive (involved with the preparation of GST returns)
• Anyone involved in GST compliance

Expert Speaker

Richard Ong

Partner & Head, GST Services

RSM Tax Pte Ltd

Richard heads the GST Division in RSM Tax Pte Ltd (“RSM”). He has more than 25 years of experience in GST with the Inland Revenue Authority of Singapore (IRAS), Deloitte & Touche LLP, United Test and Assembly Center Ltd (UTAC) and RSM. His diverse background and work exposure with the tax authority, professional and commercial firms allows him to share with seminar participants a balanced view and approach towards GST risk management and compliance. Richard has spoken at public seminars in Singapore and Malaysia on topics such as Understanding Goods & Services Tax, Managing GST Risks, the GST Assisted Self-help Kit (ASK) and Malaysia GST. He is also an Accredited Tax Advisor (GST) with the Singapore Institute of Accredited Tax Professionals Limited.