SAP – Challenges in submission and preserving data elec-tronically for legal purposes
Akkiraju, Venkat (2017)
Lataukset:
Haaga-Helia ammattikorkeakoulu
2017
All rights reserved
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2017060111717
https://urn.fi/URN:NBN:fi:amk-2017060111717
Tiivistelmä
Electronic handling of data, globally, by businesses and the legal authorities in different countries, has led to development of new kind of solutions. Of all the requirements, in finance area tax compliance and audit requirement are the most important.
Tax legislations in various countries are introducing electronic submission of tax returns, known as Standard Audit File for Tax (SAF-T). Companies develop systems that comply with SAF-T format.
Due to large volume of business data, electronically preserving the financial information is also needed. This is the cost-effective way of preserving the records for audit purpose. Data must be stored for a minimum of 8 years. Audit process is also now carried out electronically. And audit firms brought out methodologies so that they can perform audits faster. In this process, archiving of the data periodically becomes very important.
The objective of this paper is to provide an overview of SAF-T and Archiving processes that companies develop. This paper analyses the challenges of implementing and adopting SAF-T, Archiving processes to comply with changing legislations with specific case studies.
Tax legislations in various countries are introducing electronic submission of tax returns, known as Standard Audit File for Tax (SAF-T). Companies develop systems that comply with SAF-T format.
Due to large volume of business data, electronically preserving the financial information is also needed. This is the cost-effective way of preserving the records for audit purpose. Data must be stored for a minimum of 8 years. Audit process is also now carried out electronically. And audit firms brought out methodologies so that they can perform audits faster. In this process, archiving of the data periodically becomes very important.
The objective of this paper is to provide an overview of SAF-T and Archiving processes that companies develop. This paper analyses the challenges of implementing and adopting SAF-T, Archiving processes to comply with changing legislations with specific case studies.