We solve serious CRA tax problems

Audited Financial Statements

Sam Faris in a business suit working on a laptop at a modern office desk with a plant and blurred cityscape in the background.

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.

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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.
The entire team at Faris CPA was pleasant to deal with. I first met with Sam and went through my tax audit situation. Based on this meeting, I had the impression that Sam has dealt with many different types of audits including mine. Sam was confident with his advice and his approach. Bottom line and throughout the engagement and while dealing with the auditor, Sam and his team were very knowledgeable and the counter analysis that they provided to argue that CRA reports is wrong was accepted as is. The team delivered what they promised in the way of quality of work, timelines and with a reasonable fee. I would highly recommend Faris CPA to anyone who is looking for the best tax consultant and for highly professional CPA firm.
I was referred to Sam Faris by a tax lawyer who highly recommended him, and meeting Sam turned out to be one of the best things that ever happened to me. He helped me resolve serious issues with the CRA and put effective tax planning in place that saved me a lot of money. Sam is honest, extremely knowledgeable, and has years of experience successfully disputing CRA matters. Learn from my mistake—there’s no need to hire a tax lawyer. Sam does it all, without costly legal fees. He is hands down the best tax accountant and brings true peace of mind.
Had a good session . Trustworthy. Thanks
I very much appreciate Faris CPA help and their courtesy and honesty while working on my tax audit with the CRA. Their work quality is unmatched and the results that they achieved are excellent. Faris CPA is the best tax consulting firm and the best CPA firms in the GTA. Many thanks.