The Federal Board of Revenue (FBR) has announced the hiring of industry experts to improve the technical expertise of its tax officers, auditors, and inspectors. The move aims to provide sector-specific insights and enhance the quality of audits within the relevant industries, Business Recorder reported.Â
These experts will focus on key areas such as industry benchmarks, input-output ratios, the effect of seasonality on sales, and opportunities for tax avoidance and evasion within the industry’s value chain. The input from these experts is expected to improve sector-specific audits and foster better compliance and monitoring.
Under the new initiative, the experts will conduct workshops, seminars, and training sessions on audit best practices, audit techniques, case studies, and legal/technical insights. Their role will also include guiding tax officers on how to perform various audit techniques such as substantive testing, forensic auditing, risk-based auditing, and fraud risk assessment.
The experts will also provide support in drafting legally compliant audit reports, show-cause notices, assessment orders, and other tax-related documents. They will ensure that audits align with regulatory requirements and best practices by reviewing the quality of the reports and suggesting improvements where necessary.
Additionally, these experts will focus on enhancing auditors’ technical skills, particularly in forensic and investigative audits, accounting practices, legal interpretation, and professional judgment. Their guidance will help auditors address complex cases, develop targeted audit strategies, and align strategies with evolving regulations and industry practices.
The FBR highlighted that the role of these experts will also include identifying areas for process improvement, researching emerging trends, and assisting in updating audit manuals to ensure consistency across audits. Through these efforts, the FBR aims to strengthen its audit processes and ensure better compliance within the taxation system.
