Understanding the tax audit process
Before any visit from the SAT, it is essential to know what is a tax audit. This is a detailed examination of your accounting and tax records to verify that your returns, receipts and financial information comply with current regulations. The auditor will review specific periods and request key documents, looking for inconsistencies or errors that could result in fines or penalties. Understanding this process reduces stress and allows you to anticipate requirements.
Required documentation
Financial statements
Gathers the balance sheetsThe company's financial statements, income statements and cash flows for the last three fiscal years. Make sure they are signed and sealed, and that they reflect the company's actual transactions.
Tax returns
Includes all the monthly statements (VAT, withholding taxes, provisional income tax payments) and the annual statements. Chronologically order the acknowledgements of receipt and keep copies of the attachments.
Digital Tax Receipts (CFDIs)
Group your CFDI of income and expenses in folders by year and month. Verify that each invoice has a valid digital seal and that the RFC data and amounts match your accounting records.
Contracts and supporting documentation
Lease agreements, payroll, bank statements and import or export documents, if applicable. These supporting documents are essential to justify relevant items.
Pre-audit strategies
- Monthly bank reconciliationCheck your statements against your accounting records to avoid discrepancies.
- Policy reviewValidates that each policy contains date, folio and clear description of the operation.
- Inventory controlphysically adjust your inventory and record adjustments in the system.
- Internal trainingTraining your team on standard responses and handling of requests.
Communication and collaboration with the auditor
- Designate a contact person: avoid confusing the auditor by sending information from different departments.
- Provide space and equipment: set up an area with a table, chair and secure Internet access.
- Document each delivery: note the date and time of the document packages you deliver.
Post-audit actions
- Analyze findingsReview the audit report and classify observations as critical, medium and minor.
- Action planassigns responsible parties and correction dates for each finding.
- Continuous improvementdocuments lessons learned and updates procedures.
- Follow-up: schedules periodic internal reviews to ensure that corrections are maintained.
