VATF71000 - Due diligence and risk assessment: Introduction

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When looking at the due diligence / risk assessment carried out by the taxable person you should determine and document:

• what due diligence / risk assessment checks were performed;
• what the results of the checks indicated;
• what purpose he believed the checks served;
• to what extent they were appropriate, adequate and timely in relation to addressing the risks identified; and
• whether the taxable person took appropriate action in response to the results of the checks (VATF74000).

Examples of the type of due diligence / risk assessment that could be undertaken and what the taxable person should do with the results are discussed in VATF73000 and VATF74000.