Tax Audit to Ensure Business Prosperity: Trends and Perspectives

Abstract

The study identifies key trends impacting the business services industry in 2023, including the strong post-pandemic recovery of demand, increased demand for recruitment services, and increased funding for R&D. The research highlights the growing importance of tax audit in the business development process, as evidenced by the increasing share of advisory audit services and tax consulting in the global market. The study presents the global tax audit turnover, indicating its growth and popularity in the business services industry. The research examines the fastest-growing business services markets, with China being the fastest-growing market in terms of absolute and CAGR growth. The study discusses the dominance of accounting and audit companies in the top 10 list of leading companies in the business services industry, emphasizing the significance of audit, tax, and advisory services. The research emphasizes the need for tax audit services in the current business environment, where constant changes and increasing information turnover make it challenging for businesses to adapt. The research highlights the importance of tax audit in financial control for business owners and international companies operating in Ukraine, as well as its role in tax optimization and planning. The study identifies business trends that require auditors to be prepared to provide tax audit and tax optimization services, including the adoption of automation and artificial intelligence, personalized offers, and the adoption of value-based business models. The scientific novelty of the study lies in its comprehensive analysis of the current state and future trends in the business services industry, with a specific focus on tax audits. The study provides insights into the growing demand for tax audit services, the challenges and opportunities in the industry, and the potential for tax optimization and planning. It contributes to the existing literature by highlighting the significance of tax audits in ensuring business prosperity and offering recommendations for improving the organizational and methodological aspects of tax audits in the business services sector.