Franchise Tax Auditor

Overview

This position involves work of a technical and responsible nature within the division of Corporations & Trade Marks. The Franchise Tax Auditor is responsible for auditing corporate files to determine the accuracy of financial statements, determine the appropriateness of corporations to receive good standing letters, and provide other audit functions such as the calculation of outstanding franchise taxes by delinquent corporations.

Work requires considerable tact in meeting with the public and involves interrelating laws and regulations relating to the administration and enforcement of tax or license provisions. Work methods are established in accordance with generally accepted auditing procedures and division requirements. Audit results are subject to evaluation and review by the Director of Corporation and Trade Marks.

• Analyzes corporate financial records using generally accepted accounting principles.
• Conducts and completes audit work in compliance with the generally accepted auditing procedures and division requirements.
• Compiles spreadsheets and audit notes and analysis which meet established standard policy requirements and procedures.
• Estimates corporate tax liabilities from corporate records or other available information.
• Observes, compares and reviews corporate financial records to determine compliance with the Virgin Islands Tax Code.
• Organizes detailed financial data which includes:
  Summarizing total gross revenue and deductions by classification and identifying and segregating exceptions to full compliance with the tax code using samples of source documents.
• Attends meetings and compiles financial information from corporate records at the corporate business location.
• Follows and documents the audit trail in the audit file for each assigned audit.
• Writes audit findings and conclusion summaries with consideration to condition cause and effect.
• Educates corporate managers in computing and reporting taxes due by explaining legal requirements, rules, regulations, and procedures of the Division's assessments.
• Performs other related duties as required.

• A BA Degree in Accounting, Business Administration, Finance, or a related field plus five (5) years work experience in the areas of accounting, finance, or a related field;
• OR
• An AA Degree in accounting, business administration, finance or a related field plus seven (&) years of experience in the area of accounting, finance, or a related field;
• OR
• A High School Diploma or its equivalent and nine (9) years work experience as a Corporate Examiner.

• Knowledge of Generally Accepted Accounting Principles.
• Knowledge of Generally Accepted Auditing Principles.
• Knowledge of the Virgin Islands Tax Code.
• Knowledge of computer applications.
• Ability to communicate orally with corporate managers, co-workers, and the public face-to-face one-on-one settings, using a telephone, or in group settings.
• Ability to comprehend and make inferences from written materials such as corporate records, hearing rules, tax codes, and policy statements.
• Ability to enter data or information into a PC or other keyboard device to prepare spreadsheets, or to access information from tax and License Registration System.
• Ability to work cooperatively with fellow employees, business managers, and the public.
• Ability to follow written and oral directions.

Work is received from the Director of Corporation and Trademarks. Audit results are subject to evaluation and review by the Director of Corporations and Trademarks. Performance measurement for this position will be reviewed annually based on performance against a set of goals and objectives developed in alignment with the Division of Financial and Securities Services.

Guidelines consist of Generally Accepted Accounting Principles, Generally Accepted Auditing Procedures, Division Requirements, and Virgin Islands Tax Codes.

Work is of a technical nature. Franchise Tax Auditors are responsible for auditing corporate files to determine the accuracy of financial statements, determine the appropriateness of…