The first question many firms ask is ‘What constitutes an audit?’ Here’s the good news! An audit is broadly defined under the policy to include any official audit, enquiry, investigation or review, in respect of your client’s returns or financial compliance obligations, and which they are obliged to respond to, or act on.
A claim can be lodged for the professional fees you would normally charge your client for assisting them to respond to any eligible query from IR or government authorities which is authorised to conduct audits. There is no excess on the policy and there is also no minimum claim amount.
Once you are an Audit Shield client, previously lodgements are covered too!
The audit must be instigated during the period of cover, but can include responding to audits of returns you did not lodge or prepare.