TAX AUTHORITIES AUDIT (CRA – RQ)
Auditing is a way for the government tax agencies responsible for the tax law applications to monitor and inspect adequate and accurate tax reporting in compliance with different fiscal administration laws, rules and regulations. To audit means to go through the process of examining and verifying a company’s financial records and supporting documents. An income tax or a goods and services tax audit is an inspection and verification of a company’s records and supporting documents conducted by a CRA (Canada Revenue Agency) and RQ (Revenue Quebec) auditors.
An audit usually involves among other things an examination of your ledgers, journals, bank accounts, sales invoices, purchase vouchers, and expense accounts. Government tax auditors’ examination may also involve touring your business premises, and seeking information and assistance from your employees. As RQ & CRA perform a certain number of audits each year to monitor compliance, it’s wise to be certain that your business records are well-kept, complete, and always “audit-ready”.
Fiscal Expert Ltd. audit specialists (through your mandate) represent you and your business in front of the government tax agencies auditors, give you some general information such as the scope of the audit, what years are covered, the supporting documents needed, and an approximate time needed to complete all the necessary procedures. Our company audit specialists will further respond to all your questions, inform you on your rights and obligations and respect the confidential nature of information obtained during the audit.
Fiscal Expert Ltd. audit specialists assist you throughout the entire process of government audit, review with you supporting documents to be submitted to governments’ auditors and ensure that you keep adequate books and records in compliance with laws, rules and regulation. Our company audit specialists further provide you with clear explanation to all questions and adjustment proposals that the auditors might have, review documents, suggest possible resolutions to problems, and communicate with the auditors on your behalf in order to discuss issues and responses to an adjustment proposal.