Do You Know GST Risk Based Audit

Welcome to series of GST educational posts --> Do You Know GST Risk Based Audit.

As usual, this 5 minutes educational posts explain WHAT, WHY,  and HOW.

Do You Know GST Risk Based Audit?

Risk based audit approach leveraging on technology and matematical formula to identify audit target. This audit approach targeted on :-

  • Companies traded with entity with significant ''audit exception" ;
  • Companies with regular trading losses;
  • Companies identified with errornous record (during audit);
  • Conpanies with frequent Return Amendment Do You Know About GST Return Amendment;
  • Companies with abnormal trading trend.


Do You Know GST risk based audit -


SUPPLY perspective

  • Readiness of tool to pull (and mapped) data from variety of data sources;
  • Readiness of technology tools shorten audit lead time, enable audit resources carried out more audit
  • Law enforcement readiness. For details readding, please read Top 7 GST offences and risk

DEMAND perspective

  • Important funding source to fund government OPEX and CAPEX

GST risk based audit - SME readiness?

(1) Effective tools & technology

  • Majority of SME used  stand alone supporting details or spreadsheet.
  • Completeness and standardize storage of such records, and easy retrieval of such records (NOTE);
  • Lack of audit tools, such as EXCEL audit file


(2) GST Resources

  • Employee turnover and limited competent accounting resources is an on going challenge.


(3)  Frequent GST amendment 


Custom expectation on record storage.

Please refer to GST Duty to Keep Record

Do You Know GST Risk Based Audit
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SOLUTION  - GST Audit Tool?


GST Audit File with EXCEL Macro function is able to:-

  • Consolidate all GST return data in a single file.
  • Taxpayer's GST database (since day 1) is now in a single file.
  • Automated audit check and analysis report will be available within 2 days (NOTE) 

Risk assessment score and solution is included in report and recocommendation

For details,  please read GST Health Test Report


Feel free to comment and ask question about this issue


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