6 Corporate Financial Audit tax and accounting engagements in full — what the client came to us with, what we did, and what it was worth. Each one is specific to corporate financial audit work, not a general example.
Client: A franchisee reporting to its franchisor · Where: Kitchener, Ontario · Engagement: 5 weeks, fixed fee
Overpayment refunded$123,000
Late remittances sinceZero
ScheduleAutomated
The situation
Remittances at a franchisee reporting to its franchisor in Kitchener, Ontario were consistently late by a few days, which was enough to trigger penalties every quarter. Behind it sat statements delivered five months after year-end, past the covenant deadline.
What we did
We converted the records to the accrual basis, restated the comparative year with proper disclosure, and rebuilt the statement package around the bonding company’s requirements, then moved the remittance dates into a scheduled process rather than a monthly decision.
The result
Penalties stopped from the following remittance onwards, and $123,000 of overpaid instalments was refunded.
Case Study 2 · Missed incentive claimed
$68,000 Credit Claim Filed And Accepted Without Adjustment — Not-For-Profit with a Bylaw, Toronto
Client: A not-for-profit with a bylaw audit requirement · Where: Toronto, Ontario · Engagement: 9 weeks, fixed fee
Claim value$68,000
AcceptedWithout adjustment
RepeatableAnnually
The situation
A not-for-profit with a bylaw audit requirement in Toronto, Ontario assumed the credits did not apply to a business its size. A bonding limit capped because the last statements were prepared on a cash basis meant they had applied all along.
What we did
We identified the qualifying activity, built the documentation to support it, and compressed the close to 45 days by moving reconciliations into the monthly cycle, so the covenant deadline stopped being a scramble.
The result
$68,000 recovered. Because the eligibility analysis is on file, the same claim can be repeated each year with a fraction of the effort.
Case Study 3 · Objection and relief
Notice Of Objection Allowed In Full, $140,000 Reversed — Corporation Entering a Shareholder, Halifax
Client: A corporation entering a shareholder buyout · Where: Halifax, Nova Scotia · Engagement: 4 weeks, fixed fee
Amount reversed$140,000
ObjectionAllowed in full
Account balanceNil
The situation
A corporation entering a shareholder buyout in Halifax, Nova Scotia had been reassessed for $140,000 and had 20 days left on the objection deadline. The reassessment rested on a bank asking for a review engagement while the file only supported a compilation.
What we did
We filed the objection inside the deadline with a complete submission rather than a placeholder, and prepared a due-diligence-ready statement set with supporting schedules for each material balance.
The result
The appeals officer allowed the objection in full. $140,000 was reversed and the account returned to a nil balance.
Case Study 4 · Planning that cut the bill
$15,000 Cut From The Annual Tax Bill — Business Applying for Government, Windsor
Client: A business applying for government funding · Where: Windsor, Ontario · Engagement: 11 weeks, fixed fee
First-year saving$15,000
RepeatsAnnually
Filing positionUnchanged in risk
The situation
A business applying for government funding in Windsor, Ontario was compliant but paying more than it needed to. The prior year had been filed correctly and still left a bonding limit capped because the last statements were prepared on a cash basis on the table.
What we did
We modelled the current position against the alternatives before changing anything, then upgraded the engagement to a CSRE 2400 review, completed the additional procedures, and delivered a package the lender accepted without conditions.
The result
The change saved $15,000 in the first year and repeats annually. Nothing about the filings became more aggressive; the position is simply the one the rules already allowed.
Case Study 5 · Sale and succession
Share Sale Restructured, $375,000 Less Tax On Closing — Contractor Bidding on Bonded, Mississauga
Client: A contractor bidding on bonded work · Where: Mississauga, Ontario · Engagement: 3 weeks, fixed fee
Tax saved on closing$375,000
PriceAs agreed
Post-closing adjustmentsNone
The situation
A contractor bidding on bonded work in Mississauga, Ontario was preparing to sell. Due diligence surfaced a single shareholder holding every share, with no room to multiply the exemption, which would have reduced the price or killed the deal outright.
What we did
We cleaned up the historical file, converted the records to the accrual basis, restated the comparative year with proper disclosure, and rebuilt the statement package around the bonding company’s requirements, and prepared the due-diligence package the buyer's advisers actually asked for.
The result
The deal closed at the agreed price. $375,000 of tax was saved against the structure originally proposed, with no post-closing adjustment.
Case Study 6 · Deadline rescue
$66,000 Late-Filing Penalty Cancelled On Relief Application — Company Refinancing Its Operating, Burnaby
Client: A company refinancing its operating line · Where: Burnaby, British Columbia · Engagement: 4 weeks, fixed fee
Penalty cancelled$66,000
Relief applicationGranted
ReturnAccepted as filed
The situation
A company refinancing its operating line in Burnaby, British Columbia had already missed one deadline and was about to miss a second. Behind it sat statements delivered five months after year-end, past the covenant deadline, and a penalty of $66,000 was accruing.
What we did
We split the work into what had to happen before the deadline and what could follow it, then compressed the close to 45 days by moving reconciliations into the monthly cycle, so the covenant deadline stopped being a scramble.
The result
The outstanding return was accepted as filed, and the taxpayer relief application cancelled $66,000 of the penalty already assessed on the earlier year.
Reviewed for the 2025 tax year by Udit Gupta, Certified Tax Accountant. Figures describe representative engagements of this type; outcomes depend on your own facts. Client names and identifying details are omitted for confidentiality.
