07 Sep 1111 Report into the ATO’s large business risk review and audit policies, procedures and practices released
In media release No 2011/128, issued 7 September 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of the Inspector-General of Taxation's Report into the ATO's large business risk review and audit policies, procedures and practices.
The Inspector-General made 28 recommendations in the Report. The Report's recommendations are directed at improving the ATO's compliance approaches, risk hypothesis identification, project management and accountability, information gathering approaches, audit and risk review processes, position paper processes and interest and penalties treatment.
The ATO agrees-in-full with 22 of the recommendations, agrees-in-principle with 2 recommendations, agrees-in-part with one recommendation and disagrees with 3 recommendations.
In his letter to the Minister submitting the report, the Inspector-General said:
"Whilst the ATO has provided reasoning for disagreeing with some of my recommendations, I remain concerned particularly where I have sought to introduce benchmarks and milestones in the audit process to assist the ATO to achieve its goal of completing audits within its set timeframes whilst affording taxpayers due process."