Master Policy FAQs
The Audit Shield Master Policy provides for the payment of our professional fees otherwisee payable by you when incurred as a result of our accounting firm being required to respond, on your behalf, to an audit, enquiry, investigation or review (audit activity) of your lodged returns instigated by Inland Revenue.
Covers the professional fees for Consol to assist and respond to eligible official audits, enquiries, investigations or reviews of lodged returns, on behalf of you.
Yes, you could. Inland Revenue continues to review or audit a vast number of lodged returns each year, sometimes at random. Applying for Audit shield will save you costs keep your future stress free.
In relation to audit, review, enquiry and return lodgement, we cover you for the following:
Professional fees otherwise payable to us, that have been caused through responding to audit activity until the completion of the matter, or until the cover limit as stated on your Client Acceptance Form is exhausted, will be covered under the Audit Shield Master Policy. Fees of any other external specialist (e.g. taxation lawyers) or relevant consultant engaged or instructed by us to assist us in a response to audit activity are also covered. Both during (interim payments) and/or upon conclusion of the audit activity, we will present for payment our fees on your behalf to the insurer for recovery against the policy. Should a difference arise between our fees and the amount available to be covered against the policy, we may need to seek the shortfall payment of our fees from you. Your cover begins from the next business day after our receipt of your payment (see the attached Client Acceptance Form for further details).
We have carefully selected our Audit Shield Master Policy to provide the widest possible coverage for us and our clients. Items or circumstances as listed below are not covered:
Actions in regard to any notices from Inland Revenue that are educational or advisory in nature; or merely suggest, invite or propose actions to be taken by you; or act as a warning to you that you may be selected for audit activity at a future time; or do not compel you to take any action.
Yes. Professional fees which are directly related to the work we are required to undertake as a result of audit activity will ordinarily be covered (up to the limit specified on your Client Acceptance Form). The cost of these additional fees can be considerable depending on time required by Consol.
Your cover begins from the next business day after our receipt of your payment. Any lodged returns or audit activity prior to this date will not be covered.