ISLAMABAD: The Federal Board of Revenue (FBR) has decided to hire industry experts to enhance technical expertise of tax officers, auditors and inspectors by providing sector specific insights.
The industry experts would focus on industry benchmarks, input-output ratios, seasonality effect on sales and tax avoidance/evasion opportunities with the industry’s value chain. Their input will result in quality sectoral audits and improve compliance and monitoring within the relevant industry.
According to the job description of industry experts framed by FBR, they would conduct workshops, seminars and training sessions on audit best practices, audit techniques, case studies and legal/technical insights and provide guidance on how to effectively perform various audit techniques such as substantive testing, analytical procedural risk-based auditing, forensic auditing techniques, benchmarking, compliance testing, fraud risk assessment, cross-referencing, interviews, inquiry and trend analysis amongst others.
Audits on large-scale: third-party auditors being hired by FBR
The industry experts would provide training and guidance to draft legally compliant audit reports, show cause notices, assessment orders, and other tax-related documents along with conducting quality reviews to ensure compliance with regulatory requirements and best practices.
The industry experts would enhance auditors’ technical skills by focusing on forensic and investigative audit skills, accounting practices, legal interpretation and professional judgment.
They would provide in-depth technical assistance in troubleshooting to resolve complex audit cases and specific challenges, guide auditors to develop targeted audit strategies based on taxpayer’s risk parameters and ensure audit strategies align with best practices and applicable regulatory frameworks.
The industry experts would identify areas for improvement in audit processes and procedures including research on emerging trends, best practices, latest auditing techniques and regulatory changes in taxation and auditing, assist in designing and updating audit manuals to improve audit consistency in collaboration with lndustry experts to ensure audit guidelines reflect evolving regulations and industry trends, FBR added.
Copyright Business Recorder, 2025
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