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REVENUE%20MONITORING%20AND%20REPORTING%20Audit%20procedures%20and%20internal%20and%20external%20reporting%20of%20revenues

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Title: REVENUE%20MONITORING%20AND%20REPORTING%20Audit%20procedures%20and%20internal%20and%20external%20reporting%20of%20revenues


1
REVENUE MONITORING AND REPORTING Audit
procedures and internal and external reporting of
revenues
Luanda, 16 of May 2006 Luís Alves Audit Manager
2
BACKGROUND
  • AWARD OF CONTRACT TO DELOITTE BY MEANS OF AN
    INTERNATIONAL BIDDING
  • AUDIT PERFORMED ON A YEARLY BASIS
  • SOME FIGURES
  • - AUDIT OF 100 TAX RETURNS APPROXIMATELY
  • - 27 BLOCKS
  • - 3 CONCESSIONED BLOCKS (ALL IN PRODUCTION
    PHASE))
  • - 24 PRODUCTION SHARED BLOCKS OF WHICH
  • - 8 WITH PRODUCTION
  • - 16 WITHOUT PRODUCTION

3
STRATEGICAL OBJECTIVES TO ATTAIN
  • ASSISTANCE TO THE MINISTRY OF FINANCE OF ANGOLA
  • REINFORCEMENT OF TAXATION CAPABILITY OF THE OIL
    COMPANIES OPERATING IN ANGOLA
  • KNOW-HOW TRANSFER AND METHODOLOGIES TO MINFIN
    TECHNICAL STAFF

4
NATURE OF THE WORK
  • AUDIT OF THE OIL COMPANIES ACCOUNTS
  • AUDIT OF THE OIL COMPANIES TAX RETURNS
  • TRAINING OF MINFIN TECHNICAL STAFF
  • STATISTICAL COMPILATION
  • RECOMENDATIONS

5
1. AUDIT OF THE ACCOUNTS
  • Confirmation that the books and accounting
    records are maintained adequately and
    verification that they are in accordance with the
    Law
  • Verification of the correct cost accounting in
    accordance with applicable law

6
2. REVISION OF THE TAX RETURNS SUBMITTED BY THE
OIL COMPANIES
  • Verification of the correct filling of the tax
    returns considering the applicable tax regime
  • Verification of the correct calculus and payment
    of taxes to which the companies are subject to
  • Verification of the adopted criteria to valuate
    crude oil
  • Verification that the costs were accounted
    according to applicable legislation

7
3. OUTPUT OF THE WORK
Issue of reports allowing
  • Decisions at Fixation Committee level of
    Petroleum Income Tax with relation to
  • Possible corrections to taxable income
  • Determination of accumulated recoverable costs
    available to carryforward
  • Determination of costs not fiscally deductable
    in each year

8
4. TRAINING PLAN
  • Know-how transfer to MINFIN technical staff
  • Methodologies development (audit and tax
    revision)

9
5. STATÍSTICAL COMPILATION OF REVENUES AND LOSSES
ACCOUNTS PER COMPANY
  • Approach by Development and Concession areas

10
6. RECOMENDATIONS
  • Study and recommendation of actions, including
    changes in legislation

11
7. KEY ISSUES
  • Full revenue capture
  • Eligibility of cost at contract level (approval
    National Concessionary)
  • Costs essential to oil operations
  • Cut-off
  • Adequate support documentation
  • Bonuses calculation (uplift)
  • Mechanics of cost oil determination
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