revenue audit

A revenue audit is a review conducted by tax authorities or organizations to verify the accuracy of reported income and the corresponding tax payments. It involves examining financial records, such as income statements, receipts, and tax filings, to ensure that all revenue is properly reported and taxes are correctly calculated. The purpose is to detect and prevent tax evasion, ensure compliance with tax laws, and maintain fairness in the tax system. For businesses or individuals, it’s a routine process to confirm that their reported revenue aligns with their actual financial activities.