BUSINESS REQUIRED COMPLIANCE PROCEDURES – THE GOALS AND ADVANTAGES FROM INTERNAL AUDIT

BUSINESS REQUIRED COMPLIANCE PROCEDURES – THE GOALS AND ADVANTAGES FROM INTERNAL AUDIT

(Last Updated On: July 7, 2021)

THE GOALS

Audit for general compliance requirement: quantity, form, content of original document system, accounting books and reports

Review the business’s activities under every transaction. Set up the relations between the transactions legally and optimal. Complete lawful documents for every transaction, optimize tax and compulsory insurances payable amounts, remove the existing risks and prevention any further risks may happen.

Setting up the business records sytem according to local regulations requiremnts: List of folders for the Office license – employees profile – Labor declaration and Social insurance – Payroll and personal income taxCashbook & Petty cash – Invoices vouchers of expenditures…  Compliance standardizations of each folder.

“Verify internally the  tax and compulsory insurances amounts and collate the balance figures with the tax department for any difference and solution

  • Review the submitted tax – labor  reports according to the required compliances;
  • Review tax and employment records including employee profiles, payroll, tax and compulsory insurances payable amounts;
  • Request official balance status from the tax department and labor department.
  • Collate the balances of tax with the tax and labor department for any difference and solutions;
  • Identify any tax compliance risks and verify correction solutions;

Prepare a management letter to board of directors for the risks and correction suggestions”

WHO WE ARE

  • VIVA is a business consulting company, specializes in business compliance procedures according to local business laws and regulations since 2006. VIVA has been continuously trusted by thousands of well-known clients since 2006.
  • The insights and consistent backgrounds in Business Laws - Accounting and Corporate Finance - Tax Management – Labor Relations and Payroll - Secretarial services help us build trust and confidence in the entrepreneurs’ community.
  • We have been successfully providing service for thousands of leading companies from Hong Kong, Japan, US, EU, Singapore, India, China, Korea…. in forms of FDI companies, Foreign representative offices, Foreigner working in Vietnam, Vietnamese SMEs, Chief Operation Officers.
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