Commissioner and chief executive of the Canadian Revenue Agency reminds us in a story in the Financial Post that there are no random audits in Canada. If your tax return is selected for audit, the CRA has identified some aspect of your return, be it a deduction claimed or an industry that it is focusingContinue reading “Audits don’t happen randomly”
Tag Archives: audit
Enron chronicle provides some holiday reading
I have been on vacation for the last half of this month, and that along with Christmas has resulted in much less activity on this blog than is normally seen. Additionally, I have been immersed in a great book on the Enron scandal, titled “The Smartest Guys In the Room: The Amazing Rise and ScandalousContinue reading “Enron chronicle provides some holiday reading”
Taking the wraps off materiality
Materiality is an important concept in auditing. The point of an audit is to certify the financial statements as being free of material misstatement. A material misstatement is one which would affect the decisions of a user of those statements. This recent blog post at the VeraSage Institute, more known for their pioneering work inContinue reading “Taking the wraps off materiality”
Value creation mode isn’t just from 9 to 5
I was recently asked what I thought about value pricing as it relates to professional services firms. The billable hour is typically how firms price their engagements, but the idea of value pricing is gaining momentum and acceptance is growing. I believe in a competitive market, value pricing would occur naturally. Misinformation from vested interestsContinue reading “Value creation mode isn’t just from 9 to 5”
IT audit training for me this week
This week I have a small reprieve from my duties as auditor, as I’m taking part in a training course put on by the firm at the Hilton. The training is related to the internal Information Systems specialization the firm offers, which will allow me to get more experience working with IS at clients andContinue reading “IT audit training for me this week”