Have you considered what would happen if you were subject to an audit by the Inland Revenue Department (IRD)? You may not have ever have considered this, knowing you keep good records and work with us each year to prepare and file your annual tax return. However, even we don't know when the IRD might come sniffing and start asking questions. Often the outcome is that everything is in order, however, getting to this point comes at a cost.
That's why we offer clients the option to purchase Audit Shield Accountancy Insurance.
Fundamentally, Audit Shield covers you for professional fees that are incurred as a result of us responding to post lodgement queries from the IRD and other government authorities in New Zealand. 'Audit' is broadly defined under the policy to include any official enquiry, review, investigation or audit (including phone enquiries) instigated by the government authorities in relation to lodged returns.
We fully understand that many people do not appreciate the value of accountancy insurance, seeing it as costly and unnecessary. However, we have had a number of clients who have been audited by the IRD recently and have claimed on their insurance. The IRD is currently quite active so anyone could be audited at any time.
It can happen to you!
In one case we have heard about from Audit Shield, the IRD initially undertook a Client Risk Review of a financial services business. Later, this expanded into a full audit in respect to Income Tax and GST compliance matters. The total accountancy fees of $17,850 were fully covered by Audit Shield.
As Chartered Accountants and business advisors, we can discuss with you anything you need to know about accountancy insurance. Just call us on (09) 576 4166 for more information, or book an appointment online.
We can help you have a peace of mind.
Audit Shield is offered by Accountancy Insurance - tax audit insurance specialists who assist over 1800 accounting firms throughout New Zealand and Australia. Established in 2003, Accountancy Insurance currently employ over 60 members of staff across both countries with each and every team member passionate about providing the market with a tax audit insurance product that is simple and effective - Audit Shield. The team at Accountancy Insurance has the depth of knowledge to ensure Audit Shield covers accounting firms and importantly, you, when it matters.