Accounting and Audit of Settlements with the Budget on Profit Tax

The final qualification work is devoted to the corporate profit tax, which is not only one of the main items of the budget income in the Russian Federation, but also one of the most sophisticated taxes in the Russian tax system. The aim of this work is to consider the main aspects of accounting and audit of settlements with the budget on profit tax. The first chapter of the work includes a review of basic concepts of accounting and audit of settlements with budget on profit tax and an investigation of the regulatory framework, governing accounting and audit of settlements with budget on profit tax. Besides, it involves a comparison of approaches to accounting and audit of settlements with budget on profit tax in accordance with Russian and International standards. The second chapter of this work is devoted to an analysis of an accounting process in “MEBELPROM-NN”, LLC for the profit tax. In this chapter, processes of financial and tax accounting of settlements with budget on profit tax and procedures of formation of financial and tax reports on income tax were analyzed. Moreover, there were identified shortcomings of the accounting process of settlements with budget on profit tax in “MEBELPROM-NN”, LLC and made recommendations on improvement of this process, which would enable the considered company to optimize profit tax payments to the budget and simplify the profit tax accounting. In the third chapter of this work, considering specific features of activities and accounting system of “MEBELPROM-NN”, LLC, a common strategy and plan of audit of settlements with the budget on profit tax were developed. Furthermore, this chapter includes some examples of implementation of audit procedures, which were reflected in the developed plan of audit of settlements with the budget on profit tax, and recommendations for correcting the distortion of accounting and reporting information of “MEBELPROM-NN”, LLC, which was discovered as a result of applying these procedures.