Audited Financial Statements

Faris CPA brings clarity and simplicity to the issues and complexities that your business faces on a day-to-day basis.

You can be confident in our expertise and reply commitment to you. We will review and audit of your financial statements. This allows us to provide the independent, objective assurance that your company needs and stakeholders demand.

Chartered Professional Accountant in Canada, U.S. and U.K.

Case Study

A new client had a difficult CRA audit that disallowed an HST refund valued at almost one million dollars. The CRA audit revealed that his previous accountant had made significant errors which resulted in the disallowing a very significant HST refund.

Sam Faris and his team performed an intensive review of the proposal letter from the CRA along with the income tax act. We were convinced that the case would be won if the records were corrected and a new argument was submitted as a replace to the proposal letter from the CRA.

The CRA auditor denied the response. Our firm filed a Notice of Objection to the CRA.

The Notice of Objection was successful, and our client was able to recover, not only the original refund, but there were additional amounts that the previous accounted had missed that were awarded to our client as well.

FAQS

What is included in audited financial statements?

Audited financial statements include a profit and loss statement, balance sheet, statement of cash flows, and statement of changes in owners’ equity. They help you keep track of your records and transactions.

What is the difference between audited and unaudited financial statements?

Audited financial statements have been examined by a third-party accountant who can confirm that the information is accurate and factual. On the other hand, unaudited financial statements don’t have that guarantee.

How long does it take to have financial statements audited?

It takes up to three months to audit financial statements. The process includes four weeks of planning, four weeks of fieldwork and four weeks of compiling the audit report.

Get your CRA issue resolved so you can sleep at night

pro-tip

Pro Tip

ACCESSING THE SMALL BUSINESS DEDUCTION IN YOUR BUSINESS

The Small Business Deduction gives businesses a tax deduction on the first $500,000 of income. This saves an eligible corporation around up to $50,000 in income taxes. There are a number of conditions that have to be met to be eligible for this deduction.

Testimonials

Excellent

Faris CPA | Toronto Tax Accountant

Based on 346 reviews

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SERENITY SPA & LOUNGE

Save your time and money and hire Sam Faris for any problem with the CRA. He is the man to fight the CRA and get you the best results. His firm a top consulting firm I have ever dealt with. He is honest, trustworthy and very professional on both personal and business levels. He won my case against the CRA and the audit went through very smoothly because of his top notch service and expertise. I wish I met Sam before. I paid other professionals but they were disappointing and did not deliver what Sam delivered.
Many thanks Sam and I will definitely refer my clients and family to him.

Response from the owner:Thank you for the five stars Google review and your kind words. We strive to provide the best customer service and to ensure that our clients feel that they are in a safe hands while we are working on their files. We understand that CRA audits are not a pleasant experience to have and we do our best to provide strong arguments to dispute CRA’s decisions and protect our clients’ best interests. Thanks you again and we will remain at your disposal if you need our service in the future.

I was referred to Sam Faris by a tax lawyer to handle my a complicated tax audit by the CRA and to refile all my outstanding corporate and personal tax returns. He was highly recommended by the tax lawyer and by other professional. The minute I hired Sam to sort out the big mess that I had with the CRA, I felt I am safe and in a good hands. He and his team were responsive to my questions and my concerns. Once he completed his work, he insisted to meet in person with the auditor and the team leader. His work quality was second to none. He backed up all accounts prepared a perfect reconciliation. On that basis, he presented his work confidentially and was able to convince the CRA team with his position and his calculations. I must admit that Sam Faris is the best tax consultant and he is a life saver. As a side note, his fee is very reasonable considering to other professionals and more importantly the work quality and the results that he achieved are unbeatable.

Response from the owner:Many thanks Moss for the positive review.

I was referred to Mr. faris by a friend of mine who happened to be his client for more than 10 years. I was struggling with the CRA reading HST and income tax audit. CRA claimed that I owe significant amount of HST and income tax. Mr. Faris was able to perform a detailed analysis which was backed up with previous court cases. As a result of his sophisticated work, he was able to convince CRA that the property was not subject to HST and income tax and the case was closed with zero hst owing. Thank you Mr. Faris for all your hard work.

Aymann El-Hakim

Sam and his team are an amazing tax consulting firm. They know how the CRA operates and are able to get results based on your actual numbers, not the inflated CRA ones. More importantly, they are super professional and more cost-effective than I would've thought. The Faris team really are life-savers!

Response from the owner:Dear Aymann Your feedback is much appreciated. We have been in business many years now. We have dealt with countless and different types of CRA audits. We noticed that the CRA always attempt to assess on inflated numbers. We have been successful to reduce the CRA numbers and to prove to the CRA their numbers are inflated. As result, CRA would accept our numbers as our work is perfectly reconciled and backed up with the appropriate documents.

I found Sam online and I was I impressed with the excellent reputation and all the good results that he achieved to his clients. I decided to hire him to handle a complex matter with the CRA. With no surprises, Sam performed the work on timely manner and in the most efficient way possible. He kept his promises and he saved me significant amount CRA claimed that I owed. Sam was very transparent while working on my file and kept me in the loop. If you are looking for an excellent and expert tax consultant, Sam is the man. You will never be disappointed.

Response from the owner:My pleasure and thank you for the positive review.

Faris CPA has helped me to go through a very difficult time in my life while the CRA was after me and my family claiming that we have significant amount of unreported income. Sam and his team took over the file and dealt with it in the most efficient and effective way. They provided every single reconciliation and backup to show that the CRA assumptions are baseless. They were able to stop the escalation based on their sophisticated strategy and I am so grateful for them.
Sam and his team are expert and solid tax consultants who can fight CRA audits confidentiality and aggressively. They are the sharks and the best in the country to do so.

Response from the owner:Omar Your review and kind words are much appreciated. We are glad that you are happy with our performance and the outcome of the audit. we will remain at your disposal if you need our service in the future.

I was referred to Mr. Faris by another professional who recommended him to deal with my multiple years of outstanding corporate and tax returns. I interviewed Sam and was impressed in his confidence and transparency. He did not promise the moon just to get my business. Sam was able to file all returns under the voluntary disclosure program. After completing filling all tax returns, I realized the amount of money he saved me. I enjoyed very much working with him. He ensured that the work progress flow smoothly without any complications. He took to consideration the emotional stress factor and he was available to speak with me even beyond business hours just to make me more calm and to make me feel that he is on top of the matter and it will be resolved to my satisfaction. Indeed, this is what happened. The matter was resolved to my satisfaction and CRA concluded that the returns which Sam filed are reasonable and there is no need to further audit me nor my company. In summary, Sam is a life saver. He saved me and saved my family and now I am in the right track where all my tax filing obligations are met and I don’t owe any taxes. So grateful to Sam and his dedication while working on my file.

Response from the owner:Raj Thank you for the positive Google review. We are happy that you are satisfied with our services. Voluntary disclosure program is one of our specialties and we have dealt with many complex cases too. We get referrals from other professionals as we have been in the business of fighting CRA many years and we have countless success stories that many professionals are aware of. Please do contact us if you require further help in the future.

Sam is an excellent CPA and the best tax consultant in the country. He helped me to deal with a very complicated tax audit with the CRA where the CRA sent me a proposal assessment of 1.5 million dollars based on their net worth audit calculation and analysis. Sam was able to provide a counter analysis which highlighted significant mistakes that the auditor made with his assumptions and calculations. It’s ridicules that CRA wanted to taxed me on a loan that I obtained from my bank. Sam dealt with this audit perfectly. He demonstrated a very high level of expertise and CRA had to accept his counter analysis with no question asked. Many thanks to Sam’s efforts and high business standards in dealing with this issue and resolve it to my favor. I will have Sam as my primary CPA going forward so I can focus on doing business and will have a peace of mind in terms of the high quality of work done by him. Well deserved this review with the 5 stars rating.

Response from the owner:Yash Thank you for the positive feedback and the 5 stars Google review. We are glad that you are happy with our service and you are satisfied with the outcome. Net worth audits are very complicated and disputing them might get very tricky. We have been dealing with the same types of audits for many years and we are confident in fighting CRA and to point out mistakes that the auditor have made while performing the audit. We will remain at your disposal anytime you contact us in the future.

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