St. Kitts and Nevis: Technical Assistance Report-Strengthening Core Business Functions Audit Capacity (RTAT)
IMF Staff Country Reports, February 22, 2023
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- St. Kitts and Nevis: Technical Assistance Report-Strengthening Core Business Functions Audit Capacity (RTAT)
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Bibliographic details
- Published: February 22, 2023
- Series: IMF Staff Country Reports
Overview
- Technical assistance report on St. Kitts and Nevis highlighting strengthening core business functions audit capacity (RTAT).
- In response to a request from the St. Kitts and Nevis Inland Revenue Division (IRD), Caribbean Regional Technical Assistance Centre provided capacity development (CD) in strengthening audit capacity under the RTAT training program.
- Publication date: February 22, 2023.
Capacity development activity
- The CD started with the provision of five days of training of IRD auditors.
- Purpose of the training: to prepare the authorities to implement the necessary actions in adopting good practice in auditing the Financial Sector.
- The IRD will build on this training and CD when designing future audit program.
Main objective
- Strengthen capacity to audit and verify accuracy of reporting by taxpayers in the Financial Sector.
Findings and identified needs
- Given the importance of Financial Sector in St. Kitts and Nevis, further support to ensure compliance in the sector would be beneficial.
- The IRD will need further assistance to strengthen the audit program of the Financial Sector and support to review of tax returns of the companies in that sector.
Recommended next steps (as stated)
- As a first step the audit team should, develop a program of profile meetings to gather relevant information on the operations of various businesses in the sector.
Subject areas and keywords (as listed)
- Subjects: Auditing, Economic sectors, Financial audit, Financial institutions, Financial sector, Insurance companies, International organization, Monetary policy, Public financial management (PFM), Revenue administration, Training and development in revenue administration.
- Keywords: a number of audit case, Auditing, Caribbean, core business functions audit capacity, Financial audit, Financial sector, Insurance companies, IRD audit team, IRD auditor, Strengthening audit capacity, team Training Program, Training and development in revenue administration, World Bank staff.
Content in this bundle
- ST. KITTS AND NEVIS—Strengthening Core Business Functions Audit Capacity