TAX COMPLIANCE
Business Expense Settlement
From the proper execution of project funds
to expert settlement verification.
We provide expert verification of project funds used in government and public agency support
programs and R&D projects — in accordance with the relevant guidelines and disbursement
standards — supporting an accurate and reliable settlement process.
SERVICE OVERVIEW
Settling project expenses requires expert verification
of how the funds were used.
Support programs and R&D projects funded by government or public agencies require project expenses to be disbursed and settled in accordance with the project-specific agreement and relevant guidelines.
It is essential to comprehensively review not only the amounts disbursed, but also the purpose of use, disbursement procedures, and supporting documentation requirements, to confirm that project funds were used appropriately.
Drawing on the professional expertise of a Korean CPA, VITAL TAX closely reviews the project-specific agreement and settlement guidelines, and conducts verification of the expense disbursement records and supporting documentation — providing reliable verification findings and a verification report.
Service
Business Expense Settlement
Category
Tax Compliance
For
Companies · Research Institutions · Non-Profit Organizations
Scope
Project Expenses · R&D Expenses · Settlement Verification · Verification Report
KEY SERVICES
Key Services
01
Review of Expense Disbursement Standards
We review the project-specific agreement and relevant guidelines to identify the scope of eligible expenses, disbursement standards by budget category, and settlement requirements.
02
Verification of Expense Records & Supporting Documentation
We review the project and R&D expense disbursement records along with supporting documentation — including tax invoices, contracts, and transfer records — to verify the appropriateness of the disbursements.
03
Review of Disallowed Amounts
We review for violations of disbursement standards, use outside the project's purpose, and insufficient documentation, to identify amounts that may be disallowed or subject to recovery.
04
Issuance of Verification ReportIssuance of Verification Report
We consolidate the settlement verification findings, summarize the appropriateness of the expense disbursements and key review items, and issue a CPA verification report.
PROCESS
Our Process
01
Understanding the Project & Settlement Standards
We review the project agreement and project-specific settlement guidelines to understand the project period, expense composition, and settlement standards by budget category.
02
Verification of Disbursement Records
We reconcile the expense disbursement records against the supporting documentation, and verify the appropriateness of the purpose, procedures, and documentation requirements for each disbursement.
03
Confirmation of Settlement Amount
We review any deficiencies and disallowed items identified during verification, and finalize the recognized expense amount and settlement amount.
04
Issuance of Verification ReportIssuance of Verification Report
We consolidate the settlement verification findings and key review items to issue the CPA's verification report on the project and R&D expenses.