Banking and Finance
The banking sector operates in a highly regulated environment and places a high emphasis on risk management and strong corporate governance. The major banks are SEC-registrants and subject to the stringent compliance measures of the Sarbanes-Oxley Act (SOX).
Within their core banking operations, good processes and systems are required to track the book and tax adjustments in relation to interest and fees on their loan books, deposits and structured instruments.
Reliable systems and balance sheet reconciliations are required to cross-check deferred tax assets and liabilities under IFRS.
Special processes and procedures are necessary to capture and apportion GST on input taxed and taxable supplies.
Banks typically build their own in-house systems to capture the FBT on staff loans and other benefits.