VAT Considerations in a Statutory Audit

In this course we delve into the critical considerations surrounding Value Added Tax (VAT) during a statutory audit. We begin by exploring the concept of materiality within the VAT context, evaluating its relevance and impact on audit procedures. Addressing the expectations gap between clients' perceptions and the realities of audit work, we highlight strategies for effectively managing client expectations. Emphasis is placed on the importance of clear presentations and accurate disclosures regarding VAT in financial statements, alongside common challenges and best practices. Additionally, we examine other vital considerations such as cross-border transactions, regulatory changes, and emerging trends, offering insights and solutions through case studies and examples. Ultimately, this presentation aims to equip auditors with the knowledge and tools necessary for dealing with complexities of VAT during a statutory audit.

The Speaker

Kenneth Cremona graduated with a Master in Accountancy from the University of Malta in 2015. Kenneth joined RSM Malta in 2016, initially working on Income Tax Compliance dealing with clients established in multiple industries including Gaming, Immovable Property, Investments, Pharmaceuticals and Retail. During 2019, he specialised in VAT advisory and was promoted to a Supervisory role within the firm, and as an Assistant Manager in 2021. Kenneth is also a CPA warrant holder and received the Professional Certificate in Taxation issued by the Malta Institute of Taxation in 2017.