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M24052 - The VAT considerations during a Statutory Audit- Why should it matter? (Online)

  • 18 Jun 2024
  • 13:30 - 16:45
  • Online Webinar


Registration is closed
Registration Time: 13:15
Sessions Time: 13:30 - 16:45  including a 15-minute break
Speakers: Mr Kenneth Cremona & Ms Kirsty Mifsud
Venue:   Online Webinar
Participation Fees (The Institute is now accepting payments via Paypal)
MIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00

*Group bookings for 3 or more participants available.


In this course we delve into the critical considerations surrounding Value Added Tax (VAT) during a statutory audit. We begin by exploring the concept of materiality within the VAT context, evaluating its relevance and impact on audit procedures. Addressing the expectations gap between clients' perceptions and the realities of audit work, we highlight strategies for effectively managing client expectations. Emphasis is placed on the importance of clear presentations and accurate disclosures regarding VAT in financial statements, alongside common challenges and best practices. Additionally, we examine other vital considerations such as cross-border transactions, regulatory changes, and emerging trends, offering insights and solutions through case studies and examples. Ultimately, this presentation aims to equip auditors with the knowledge necessary for dealing with complexities of VAT during a statutory audit.


I. Introduction

A. An overview of VAT 

B. Importance of VAT considerations during a statutory audit

II. Materiality in a VAT Context

A. Definition of materiality 

B. Application & factors influencing materiality in auditing VAT

III. Expectations Gap

A. Definition of expectations gap
B. Clients' expectations regarding VAT audit
C. Reality of audit work in the context of VAT
D. Strategies for managing expectations effectively

IV. Presentations and Disclosures
A. Importance of clear and accurate presentations
B. Key disclosures related to VAT in financial statements
C. Common challenges in presenting and disclosing VAT-related information
D. Best practices for ensuring compliance and transparency

V. Other Considerations

A. Cross-border transactions and implications for VAT audit
B. Impact of changes in VAT regulations on audit procedures
C. Emerging trends and technologies in VAT auditing
D. Case studies or examples illustrating VAT audit challenges and solutions

VI. Conclusion
A. Recap of key points discussed
B. Importance of VAT considerations for a successful statutory audit
C. Encouragement for further discussion and questions


This session is ideal for auditors, VAT experts and any other people working in this sector as it addresses the intersection of VAT and audit. By gaining specialised insights into VAT auditing practices, members can ensure compliance with regulations, mitigate risks, and uphold the integrity of financial reporting. This session offers practical solutions to discuss complexities of VAT audits effectively, fostering professional development, enhancing credibility, and ultimately contributing to the betterment of accounting professionals in Malta.

Speakers' Profiles

Kenneth Cremona graduated with a Master in Accountancy from the University of Malta in 2015. Kenneth joined RSM Malta in 2016, initially working on Income Tax Compliance dealing with clients established in multiple industries including Gaming, Immovable Property, Investments, Pharmaceuticals and Retail. In 2019, he specialised in VAT advisory and was promoted to a Manager in 2022. Kenneth is also a CPA warrant holder and received the Professional Certificate in Taxation issued by the Malta Institute of Taxation in 2017.
Kirsty Mifsud joined RSM Malta in 2017, where she began practicing as an auditor. Through her tenure, she gained exposure to several industries and built a diversified portfolio which amongst others includes construction, retail and manufacturing industries. This experience contributed to Kirsty climbing the firm's ranks, leading to her promotion as an Assistant Manager in 2024. Kirsty Mifsud completed her ACCA in 2021 and consequently graduated as a Chartered Certified Accountant. Moreover, she is also a CPA warrant holder. 


3  Core


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Please note that all webinars are recorded by the MIA. Such recordings will be retained by the MIA for internal use.

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E-mail: info@miamalta.org

Tel. +356 2258 1900