Audit Archives - McCay Duff LLP Chartered Professional Ottawa Accountants

Condominiums ready for condominium corporation audit

How to Prepare for a Condominium Corporation Audit

Christopher Szubzda - CPA, CA
Accounting, Audit

Policies and Procedures to Ensure a Smooth Audit An audit may seem like a daunting and stressful task to some, but with proper preparation you can make it a walk in the park. There are many things you can do before the auditors even start which could greatly reduce your stress and bring ease to yourself and the auditors. Below are some insights from the perspective of an auditor that could facilitate ‘a walk in …

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Types of Valuation Reports

Rick Evans - CPA, CA, CFF, CFE, CVA, ABV, ASA CPA (California)
Audit, Business Valuation

We are frequently asked the question: what are the types of Valuation Reports? Here is a summary of each and what these Valuation Reports entail. Comprehensive Valuation Report Contains a conclusion as to the value of shares, assets or an interest in a business. Based on a comprehensive review and analysis of the business, its industry and all other relevant factors, adequately corroborated and; Generally set out in a detailed report. This report provides the …

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Tips and Traps to Avoid to be An Effective Treasurer

April Wheeler - CPA, CGA
Accounting, Audit, Charities, Not-for-Profit Organizations

To be successful a non-profit or charitable organization must earn the trust and respect of its donors and funders. Due to an organization’s financial management being directly tied to the Treasurer’s responsibilities, their execution of these responsibilities will have an impact on the public’s perception and confidence in the organization as a whole. When an organization is seeking a Treasurer they should keep this top of mind and look for individuals with strong financial literacy …

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Important Changes Ahead of us for Tax Amnesty Programs

Important Changes Ahead for U.S. Tax Amnesty Programs

Paul Spare - CPA, CA
Accounting, Audit, Financial Reporting, U.S. Taxes

Over the past several years, the IRS has implemented various amnesty programs aimed at reducing the number of delinquent US tax filers. Earlier this year, the IRS announced that one of these programs – the Offshore Voluntary Disclosure Program (OVDP) – would end on September 28, 2018. More than 56,000 taxpayers have taken advantage of this program under which the IRS has collected more than $11.1 Billion in back taxes, interest and penalties. In the …

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What is the Right Type of Financial Statement Report for my Business?

April Wheeler - CPA, CGA
Accounting, Audit, Financial Reporting

There are three types of financial statement reports that can be issued for a set of financial statements: Notice to Reader, Independent Practitioner’s Review Engagement Report and Independent Auditors’ Report. The type of report you should select depends not only on what you need, but also on what the other people who rely on your financial statements will require. The users of your financial statements can include the bank, shareholders who do not take an active role in the business or …

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Audit

How to Prepare for a Condominium Corporation Audit

Types of Valuation Reports

Tips and Traps to Avoid to be An Effective Treasurer

Important Changes Ahead for U.S. Tax Amnesty Programs

What is the Right Type of Financial Statement Report for my Business?

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