THE IMPACT OF TAX AUDITS ON BUSINESS OPERATIONS
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Abstract: THE IMPACT OF TAX AUDITS ON BUSINESS OPERATIONS
This study investigates the impact of tax audits on business operations in Lagos. The objectives are: to examine the operational disruptions caused by tax audits, evaluate the financial implications of tax audits, and assess the strategies businesses use to manage audit processes. A survey design was employed, with data collected from 300 business executives, derived using Taro Yamane's formula for an accurate sample size. A case study of a prominent manufacturing company in Lagos provided detailed insights. The reliability coefficient score of the survey instrument was 0.87, indicating high reliability. Findings reveal that tax audits often lead to significant operational disruptions, including resource diversion and time consumption. Financially, businesses face increased costs due to penalties and compliance efforts. Strategies such as proactive tax planning and maintaining accurate financial records were found to mitigate these impacts. Recommendations include improving the efficiency of audit processes by tax authorities and providing clearer guidelines to businesses for better audit preparedness.
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