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Tax Risk Management and Governance

Unlock Assurance for Boards, C-Suite, Shareholders, and Investors.

Robust strategies and frameworks for managing tax risks, compliance and transparency.

We understand the importance of effectively managing and mitigating tax risks. Our team of experienced professionals is dedicated to helping you navigate the complex landscape of tax regulations and compliance in a risk and governance setting, providing assurance for boards, C-suite, shareholders, and investors.

Recognising that as the regulatory environment becomes increasingly complex, businesses face challenges. Our teams are committed to helping you manage your tax risks and obligations, so you can focus on growing your business.

Whether it’s reviewing your existing tax risk management framework, tax controls and compliance, answering questions from your board or benchmarking your tax function, our team can assist you with your needs.

Helping you with

Assessing current tax strategy and policy to evaluate the attitude towards risk within the company and aligning with the board’s expectations.
Develop a strategy and framework for managing tax risks and compliance.
Implement documented processes and controls for managing tax risks across all jurisdictions.
Create a process for monitoring, prioritizing, and reporting tax risks.
Prepare for a review by the Australian Taxation Office (ATO) for the top 1,000 companies.
Address expectations from the ATO.
Assist with ATO risk reviews, audits, settlements, and adoption of the voluntary tax transparency code.

The Andersen Global Advantage

As an Andersen Global client, you will have access to our global community of taxation professionals unlocking progressive new thought frameworks and a world of practical experience, along with consistently outstanding and personalised experience

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Frequently Asked Questions

What is tax risk management, and why is it important for my business?

Tax risk management involves identifying, assessing, and managing potential risks associated with tax compliance and reporting. It’s crucial for avoiding costly mistakes, penalties, and reputational damage, ensuring your business stays on the right side of the ATO (Australian Taxation Office).

How can tax governance help my business stay compliant?

Tax governance involves setting up robust policies and controls to manage tax obligations. It ensures your business is transparent, compliant, and ready to handle any questions from regulators, boards, or shareholders.

What services do you offer to help manage tax risks?

We provide a range of services, including reviewing your existing tax risk management framework, assessing tax controls, ensuring compliance, and benchmarking your tax function against best practices.

Why is tax risk management becoming more critical in Australia?

The regulatory environment in Australia is getting more complex, and the ATO is taking a closer look at businesses’ tax affairs. Managing tax risks effectively is now more important than ever to avoid unexpected audits, fines, and reputational issues.

Can you help if my board has questions about our tax risk management?

Absolutely! We provide support and clarity to boards and C-suite executives on tax governance and risk management issues, helping them understand and mitigate any potential risks.

How often should we review our tax risk management framework?

It’s a good idea to review your tax risk management framework at least annually or whenever there are significant changes in your business operations or tax laws. Regular reviews help ensure that your business is always prepared and compliant.

What are some common tax risks that businesses face in Australia?

Common tax risks include errors in tax reporting, incorrect tax positions, failure to comply with tax laws, and lack of adequate documentation. We help businesses identify these risks and put controls in place to manage them.

What does it mean to benchmark my tax function, and why should I do it?

Benchmarking your tax function involves comparing your tax processes and controls against industry standards or best practices. It helps identify areas for improvement and ensures you’re operating at a high standard.