St. Kitts and Nevis:Technical Assistance Report-Strengthening Core Business Functions Audit Capacity (RTAT)

Author: International Monetary Fund. Western Hemisphere Dept.

St. Kitts and Nevis: Technical Assistance Report-Strengthening Core Business Functions Audit Capacity (RTAT)

Volume/Issue: Volume 2023 Issue 096

Publication date: February 2023

ISBN: 9798400234781

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Topics covered in this book

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Money and Monetary Policy , Public Finance , International - Economics , Strengthening audit capacity , core business functions audit capacity , IRD audit team , team Training Program , IRD auditor , World Bank staff , a number of audit case , Auditing , Financial sector , Training and development in revenue administration , Financial audit , Insurance companies , Caribbean

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Summary

The Inland Revenue Department, St. Kitts and Nevis, benefited from a remote Capacity Development (CD) activity delivered by CARTAC over the period November 2021 – March 2022 on auditing of financial institutions. The main objective of this CD was to strengthen the capacity of the auditors to perform audits and verify the accuracy of reporting by taxpayers in the Financial Sector. The training included (i) an overview of the financial sector, financial products/instruments and business processes; (ii) guidance in auditing the banks and insurance companies; and (iii) awareness of the key tax risks within this sector. A total of 22 auditors from the large, medium and small taxpayers’ unit, participated in the training. The training was held over a fifteen (15) day period and concluded with the auditors developing an audit schedule and preparation of audit notification letters to taxpayers selected for audit.