Detailed Service Category: Audit

Getting Ready for an Audit: A Canadian Company’s Guide

A business professional leads a discussion with colleagues during an audit planning meeting in a modern office.

Audits don’t have to be something you dread. At their best, they give your stakeholders confidence in your numbers and provide management with valuable insights into how processes can improve. The key is preparation. By getting organized before the auditors arrive, you can keep the process on track, avoid unnecessary… Read more

Review vs. Compilation vs. Audit: What’s the Right Level of Assurance for Your Business?

Two professionals discussing business operations on the floor of a manufacturing facility, one holding a clipboard.

You need financial statements, but which kind? Your bank’s asking for a review. Your bookkeeper says a compilation is enough. Someone else mentions an audit. What’s the difference? If you’re a business owner, especially of a growing small or medium-sized business, this situation might sound familiar. When stakeholders (e.g., lenders,… Read more

What to Do When the CRA Is Auditing You: 7 Steps for Individuals and Businesses

A businessman sits at a desk with a laptop on it holding an audit notice and looking stressed out.

UPDATE (March 12, 2026): This article has been updated to reflect changes in legislation, regulations, and accounting practices since the original date of publication (May 13, 2024). Receiving a notice from the CRA that you’re being audited is not uncommon, and it’s important to remember that audits are a standard… Read more

Check Yourself: 5 Internal Controls You Should Have Implemented Yesterday

A person stands at a shelf in a warehouse while holding a clipboard to take inventory and gesturing to an item on the shelf.

UPDATE (February 7, 2025): This article has been updated to reflect changes in legislation, regulations, and accounting practices since the original date of publication (March 16, 2022). March is Fraud Prevention Month across Canada, and as we enter the busiest months of tax season, it’s the perfect time to reassess… Read more

Notice to Reader: There’s a new compilation standard in town

Three speech bubble shaped notes that read "hey", "hello" and "hi" sit on a yellow background.

The following article is a summarized version of the Compilation Engagements Management Briefing provided by Chartered Professional Accountants Canada. For the complete briefing, please visit CPA Canada. As CPA Canada recently shared, “Some things never change. But the compilation standard isn’t one of them.” After almost 35 years, the Auditing… Read more