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The Forum > Article Comments > Auditors without professional borders > Comments

Auditors without professional borders : Comments

By Malcolm King, published 4/12/2019

In my old home town of Adelaide, the sheer number of current and past tenders awarded to KPMG, makes one wonder whether KMPG works for the state government or vice a versa.

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Auditors expose fraud? Consultants may help create or hide it with expert advice. I say this without implying any evidence, in this instance, of professional wrongdoing.

But have posed it as a question, to support proposed tax reform.

Which ought to be an unavoidable, flat tax rate of 15%. Collected via the banking sector as a 5% transaction tax. some of which could be redeemable if that impost exceeds a 15% ceiling. In forensically examined profit column ledger supported by receipts/validated records/sworn affidavits.

Given the top tax rate paid by any company in the year ending 2013 was a reported 13% in actual cash money transferred to the ATO, it follows a flat tax of15% to be an increase of 2%

When, as it was shown, where the total amount of actual cash transferred was 4%?

An increase of 11%.

Or, in a reported 40% of companies (guests?) 0%, an increase of 15%

Exposed fraud should in the first instance ought result in a literal doubling of the tax liability. A second breach? Double that again!

A third doubled yet again! After all cash reserves exhausted, any shortfall made up with seized assets, auctioned on the same day, to the highest bidder.

The complicit accounting firm immediately stripped of all licences! Without exception!

Should our tax system be so reformed Those firms not choosing a reconciliation but just accept the 5% transaction tax impost? Could see their tax compliance costs returned to the ledger. Given it is an averaged 7%? An increase to their bottom line of 2%!

This is how you do reform and allow occasional forensic examination of the companies loss and profit ledger to be enough incentive to end all tax avoidance by anyone forever!

ensure ATO tax receipts increase by as much as 60+ annual billions!

Immediately available to consolidated revenue without any delay or costly reconciliation!

Which would be as good as adding a 400 billion surplus to the budget bottom line, for the tax year this proposed win-win-win reform was ratified!
Alan B.
Posted by Alan B., Wednesday, 4 December 2019 9:58:21 AM
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Westpac certainly had auditors to ensure no lenders for coal and plenty of women and homosexuals in leadership. Pity they missed 26 million transactions where money was laundered for child exploitation. World champion virtue signallers bereft of morals.
Posted by runner, Wednesday, 4 December 2019 6:26:53 PM
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