- 5 Marks
PT – Nov 2024 – L2 – Q2e – Tax Audit and Under-declaration of Sales
Action to be taken regarding an under-declared sales revenue during a tax audit.
Question
You have been engaged as an Accounts Officer in Abokobi LTD. Sales of GH¢10,000,000 were inadvertently under-declared. A team from the Ghana Revenue Authority (GRA) is at your premises conducting an audit. The GRA Audit Team did not review the sales revenue. After the audit, you noted that the amount constituting the under-declaration of the sales was mistakenly credited to the suppliers’ account in the ledger.
Required:
Detail out your position on the above as to what action to take.
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