Preparing for an Audit

Our auditor will contact you to arrange for a mutually agreeable time and place to conduct an audit. This is usually at your place of business, but can take place at a public accountant's office or at our offices.

The audit involves a review of financial records, usually for the two previous calendar years. We want to verify the correct amount of assessable payroll has been reported for assessment purposes. The type of records we need to see include, but aren't limited to:

  • T4s, T4-As and associated summaries,
  • payroll records,
  • record of casual labour,
  • record of all contract labour, (This usually involves reviewing the general ledger, cheque disbursement journals/registers, synoptic journals and/or cancelled cheques. Reviewing invoices of subcontractors/contractors is also often necessary).
  • year-end financial statements.

In many situations, we like to take a tour of your facilities. The information we gain helps us to assure your firm is assigned the correct industry code.

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