6 Financial Statement 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 financial statement audit work, not a general example.
Case Study 1 · Scaling without breaking
Scaled To 64 Staff With $94,000 Of Working Capital Freed — Company Under a Bank, Victoria
Client: A company under a bank covenant · Where: Victoria, British Columbia · Engagement: 8 weeks, fixed fee
Headcount reached64
Working capital freed$94,000
Missed deadlinesZero
The situation
A company under a bank covenant in Victoria, British Columbia was growing fast — headcount to 64 in eighteen months — and the back office had not kept up. A prior-year restatement with no note explaining what changed was the first thing to break.
What we did
We prepared a due-diligence-ready statement set with supporting schedules for each material balance, and built the compliance calendar for the size the business was becoming rather than the size it had been.
The result
The business reached 64 staff with no missed remittance and no late filing. $94,000 of working capital was freed in the process.
Case Study 2 · Planning that cut the bill
$72,000 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$72,000
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 compressed the close to 45 days by moving reconciliations into the monthly cycle, so the covenant deadline stopped being a scramble.
The result
The change saved $72,000 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 3 · Cash and remittance control
$131,000 Of Working Capital Freed From The Tax Cycle — Franchisee Reporting to Its, Moncton
Client: A franchisee reporting to its franchisor · Where: Moncton, New Brunswick · Engagement: 6 weeks, fixed fee
Working capital freed$131,000
On-time remittancesEvery period since
Forecast horizon13 weeks
The situation
A franchisee reporting to its franchisor in Moncton, New Brunswick was profitable on paper and short of cash every month. Statements delivered five months after year-end, past the covenant deadline explained most of the gap.
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 and built a thirteen-week cash view so tax payments stopped competing with payroll for the same dollars.
The result
$131,000 was released back into working capital. Remittances have been on time every period since, and the forecast shows the tax outflow before it lands.
Case Study 4 · Records and systems rebuilt
Books Rebuilt From Source, $14,500 In Unclaimed Input Tax Found — Corporation with an Outside, Barrie
Client: A corporation with an outside minority shareholder · Where: Barrie, Ontario · Engagement: 10 weeks, fixed fee
Unclaimed tax found$14,500
Records rebuilt24 months
ProcessDocumented
The situation
A corporation with an outside minority shareholder in Barrie, Ontario could not answer basic questions about its own numbers, because a bank asking for a review engagement while the file only supported a compilation sat between the bank statements and the ledger.
What we did
We upgraded the engagement to a CSRE 2400 review, completed the additional procedures, and delivered a package the lender accepted without conditions, then documented the process so the work does not depend on any one person remembering how it was done.
The result
Records rebuilt and reconciled, $14,500 recovered in input tax credits that the old file could not support, and a documented monthly process now in place.
Case Study 5 · Deadline rescue
$144,000 Late-Filing Penalty Cancelled On Relief Application — Contractor Bidding on Bonded, Kelowna
Client: A contractor bidding on bonded work · Where: Kelowna, British Columbia · Engagement: 9 weeks, fixed fee
Penalty cancelled$144,000
Relief applicationGranted
ReturnAccepted as filed
The situation
A contractor bidding on bonded work in Kelowna, British Columbia had already missed one deadline and was about to miss a second. Behind it sat a buyer’s due-diligence list that the existing statement package could not answer, and a penalty of $144,000 was accruing.
What we did
We split the work into what had to happen before the deadline and what could follow it, then prepared a due-diligence-ready statement set with supporting schedules for each material balance.
The result
The outstanding return was accepted as filed, and the taxpayer relief application cancelled $144,000 of the penalty already assessed on the earlier year.
Case Study 6 · Objection and relief
Desk-Review Assessment Of $109,000 Vacated — Not-For-Profit with a Bylaw, Guelph
Client: A not-for-profit with a bylaw audit requirement · Where: Guelph, Ontario · Engagement: 3 weeks, fixed fee
Assessment vacated$109,000
Supporting recordsNow on file
AccountCleared
The situation
A not-for-profit with a bylaw audit requirement in Guelph, Ontario was carrying $109,000 of penalties and interest arising from a prior-year restatement with no note explaining what changed, much of it accumulated during a period the CRA itself had delayed.
What we did
We compressed the close to 45 days by moving reconciliations into the monthly cycle, so the covenant deadline stopped being a scramble and framed the relief application on the specific grounds the CRA guidelines recognise rather than on general hardship.
The result
The assessment was vacated. $109,000 came off the account, and the documentation now on file makes the same position straightforward to defend next time.
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.
