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.

Receiving a notice from the Canada Revenue Agency (CRA) that you’re being audited is not uncommon, and it’s important to remember that audits are a standard part of enforcing tax laws and ensuring fairness in the tax system. With the right preparation and understanding, navigating through the audit process can… Read more

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.

March is Fraud Prevention Month across Canada, and as we enter the busiest stretch of tax season there’s no better time to consider the internal controls you might be overlooking that are crucial to the security, transparency and integrity of your business’s financial statements. For those who can’t keep up… 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