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TMI BlogTHEMATIC AUDIT- AN OVERVIEWX X X X Extracts X X X X X X X X Extracts X X X X ..... e and report high-level insights in the business transactions and practices prevalent in a particular type of industry/service sector. Theme-based audit may have both compliance and performance audit objectives. 7.1 The following scenarios may lead to a thematic audit- * Taxpayers in the same supply chain registered in same/different states. * Simultaneous audit of taxpayers which have same modus operandi of tax evasion and are registered across states. * Taxpayers dealing in supply of some goods/services which have also been determined as evasion prone. * Thematic audit may also extend to specificity like trends in availment and utilization of ITC in any given sector. 7.2 Administrative arrangement for selection of themes for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... importance of thematic audit, it is imperative to allocate appropriate resources/staff in each of the Audit formation. Audit groups dealing with Thematic Audits should be given proper training to deal with audit of records of the taxpayers of the selected themes. 7.5 Standard Operating Procedure (SOP) for conducting Thematic Audit a. The All-India Coordination Committee shall select the themes for Audit and communicate the Themes to the Committee of Officers responsible for Audit. b. For a given theme, the Committee of Officers shall select the taxpayers to be audited in that State. c. Audit groups earmarked for conducting the theme-based audit shall request the selected taxpayer(s) for providing necessary documents viz. Balance sheet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... response from the taxpayer, the Audit Group shall prepare the draft audit para(s). g. The Audit Group shall forward their draft audit para(s) to the Committee of Officers for approval. Before approving the draft audit para(s), the Committee of Officers may hold a meeting (physical/virtual) with concerned audit groups. This Committee may also point out certain additional areas which need to be looked into by the audit groups before finalizing the audit paras. h. Once draft audit para(s) are approved by the Committee of Officers, the audit group(s) shall present their draft audit report before their respective Audit Authorities for approval. The Audit Authorities may adopt a practice of holding monthly meetings of the monitoring committee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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