Let’s take a look at what that means. First, as an employee, you will be held to a standard of conduct set by your employer. Your employer is legally obligated to hold you to that standard unless you violate any type of policy. In the case of tax audits, your employer may choose to have a CGAP certified or they may choose to do it themselves. This is why it’s important to understand that auditors, not the tax inspector, are responsible for determining whether you met all applicable guidelines and met your obligations as an employee. If you choose to do your own audit, keep in mind that the results of your audit are only as good as your knowledge and experience, which is why some people feel more confident using CGAP training.
Secondly, once you’ve completed the required education and passed the exam, you can certify as an auditor. If your tax return was audited, your CGAP certification will allow you to present it at the audit hearing. In order to be certified, a CGAP examination must be passed within a specific amount of time. The amount of time is 120 days. If your audit didn’t go well, you may still be able to get a certification after the required waiting period.
Now, let’s talk about how CGAP exams are different from traditional audits. In a CGAP, the auditor doesn’t ask you to prove your understanding or your skill on the tax code. They simply want to determine if you understand what is being covered and if you’re able to explain your understanding of the code correctly to the group. This is different from a traditional audit where the auditor is looking to find errors or weaknesses in your tax return and the only way to prove your knowledge is to provide copies of your tax returns. In the CGAP exam, you are not considered to be completely knowledgeable regarding the tax code, but you have shown the ability to analyze and present it in a clear and concise manner.
So, what should you expect when taking the CGAP exam? Like any other professional certification exam, the CGAP consists of a written test and a hands-on practice exam. It’s a pretty simple process, but many people don’t know the correct way to prepare for them. The CGAP exam includes two sections. The first section consists of questions about the tax code, including the basic definitions and regulations. The second section is composed of multiple-choice questions designed to demonstrate your understanding of standard business transactions.
You will be provided with a set of practice questions to study at home. The CGAP also provides support if you need it during the process of your audit. There are several publications, as well as online training resources available to help you prepare for your CGAP exam.
Now that you know what to expect, you can start looking for a CGAP certified professional who can help you with your current tax return. You can start searching using search engines, such as Google, MSN and Yahoo. A good place to start searching would be on the IRS website. You can also call the National Association of Certified Government Auditors and request a list of certified CGAP auditors in your area. Make sure that they are accredited by the CGA and are members of the organization.
Once you have located a few candidates, meet with them and go over your tax return. If you do not have all of your information handy, prepare to ask the professional to provide you with it. Have a list of questions prepared, such as: What verification methods are used to verify the accuracy of the data entered on the forms? How do they ensure that the taxpayer’s data is accurate and up-to-date?
