Antonova, E. V. Managing Corporate Taxes and Evaluation of Efficiency of Tax Policy as an Element of Internal Audit

Abstract: The article studies the issues of managing corporate taxes as well as the main moments to be considered when making and accepting a corporate tax policy. In order to achieve the purposes of the internal audit of certain business processes, there are two practical approaches to arranging the internal audit: item-by-item and cyclic ones. The item-by-item approach allows to define the segments of the internal audit that must practically repeat the items of management and accounting (financial) accounts. The author of this article describes the methods of such approach including mandatory testing in order to obtain necessary proof of certain synthetic and analytical accounts. The author also describes the types of the audit segments in accordance with the requirements of the item-by-item approach. The cyclic approach to the corporate internal audit considers cycles of business operations as segments that would describe the specific features of business activities and applicable system of accounting and document management. Thus, this particular approach has its own peculiarities for each item of business. This conclusion is also proved by foreign auditing experience. The author of the article studies the following cycles of business activity: procurement – production (goods or services) – sales – investment – management (accounts, flow of the main and current assets, taxation, allocat ion of prof it). The art icle also describes the stages of analyzing efficiency of a corporate tax policy.

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