Why is Audit Shield different from other tax audit insurance offerings?

Tax audit insurance, or tax investigation insurance as it is also known as, is more than just another insurance policy. In can be complex to understand, complex to implement and complex to administer. Only Accountancy Insurance has made the significant investment in people, processes and systems to make sure that Audit Shield delivers for you and your clients.

Will it cost me anything to implement Audit Shield in my firm?

No. Each of our Audit Shield client firms enjoys the services of a dedicated Account Manager. They will assist you with the setup and implementation of the Audit Shield Fee Waiver Service, including the creation of a comprehensive client mail out to facilitate the offer to your clients. Access to our Audit Shield software platform is also provided to ensure ongoing administration is simple and effective.

How do I make a claim?

It's easy! Simply lodge the claim using the Audit Shield ASOP software platform. Once the audit has been finalised, provide us with the audit correspondence from the relevant authority, your invoice and a copy of your WIP, and, subject to claim approval, we'll have payment to you within 7-14 days.

Will I be able to claim all my professional time?

Yes. The professional fees you would normally charge your client to coordinate the audit response are covered (up to a pre-subscribed limit, and subject to the terms and conditions of the policy).

So what isn't covered?

Fees not directly related to the audit response, or those exceeding the pre-subscribed limit, are not covered. See the Policy Cover page for further detail or This email address is being protected from spambots. You need JavaScript enabled to view it. for full policy details.

To learn more about how Accountancy Insurance can help you to implement Audit Shield in your firm, This email address is being protected from spambots. You need JavaScript enabled to view it.. We will be in touch promptly to discuss your needs and tailor a solution for you.

 

  • Once you are made aware of a potential claim being made against you, contact Accountancy Insurance on the toll free number 1300 552 867 or via email to This email address is being protected from spambots. You need JavaScript enabled to view it.

  • Accountancy Insurance will forward a notification of claim form to you. This will need to be completed stating all facts.

  • Upon receipt of the completed notification of claim form, Accountancy Insurance will submit the information to your insurer’s claims division who will contact you to advise how they will manage the potential claim moving forward.

  • Accountancy Insurance will keep in regular contact with you to obtain updated information, and liaise with your insurer.

  • Should the circumstance develop into a full claim, your insurer will appoint a solicitor from their panel of lawyers in the state you are based and will make contact with you to arrange a meeting. The solicitor will take conduct of the claim on behalf of your insurer.

  • Accountancy Insurance, your insurer and the appointed solicitor will maintain ongoing communication with you and at all times you will be involved and kept up to date on progress.

Please click here to download a copy of the notification of claim Form.

Click here to read examples of claims scenarios.

 

 

 


Thousands of accounting firms can attest to the genuine benefits of Audit Shield. Here are the highlights: 

  • Audit Shield covers the professional fees normally charged to your client when you assist them to respond to eligible official audits, enquiries, investigations or reviews of filed returns.
  • It avoids disputes with your clients regarding fees incurred as a result of audits, and possible fee write offs as a result.
  • Fees are paid promptly, direct to you.
  • There is no deductible payment.
  • It is a proactive, cost effective solution for your clients.
  • Audits of previously filed returns are also covered, including those you did not lodge or prepare*.
  • There is no cost to you to offer the service to your clients.
  • It indicates to your clients that you are proactive and are looking out for them.

* The audit must be instigated during the period of cover.


The first question many firms ask is ‘What constitutes an audit?’ Here’s the good news! An audit is broadly defined under the policy to include any official audit, enquiry, investigation or review, in respect of your client's filed returns, and which they are obliged to respond to, or act on.

A claim can be lodged for the professional fees you would normally charge your client for assisting them to respond to any eligible query from Canada Revenue Agency. There is no deductible on the policy.

Once your client participates in Audit Shield, their previous filings are covered too!

The audit must be instigated during the period of cover, but can include responding to audits or investigations of filings you did not file or prepare.

The following official audits, enquiries, investigations and reviews are covered by Audit Shield:

  • Corporate Tax Filings
  • Personal Tax Filings
  • GST/HST Filings
  • Employer Compliance Audits
  • Business Audits
  • Plus much more!

 Audit Shield is underwritten by certain underwriters at Lloyd's. 


There is a good reason that more than 95% of our clients say that they would recommend Audit Shield to other accounting firms*.                                                                                                                                                          
The offering covers the professional fees that help you, as an accountant, assist your client to respond to an official audit, enquiry, investigation or review of filed returns with the Canada Revenue Agency (CRA) or other provincial authority. Audit Shield avails you the confidence to help your clients while our team deliver customised and comprehensive solutions that meet your needs. 

How does Audit Shield work?

1. Your accounting firm offers the 'Audit Shield Fee Waiver Service' to clients.  

2. Your firm’s clients can choose to participate in, or decline the offering.

3. Your accounting firm holds an insurance policy (Audit Shield) that covers the professional fees incurred as a result of audit activity. The terms of the Audit Shield Fee Waiver Service are a mirror of the terms and conditions of the insurance policy that your accounting firm holds.

 
Audit Shield provides cost effective protection and assistance against the substantial cost that may be incurred should the CRA or other Canadian Government revenue authority conduct an audit, enquiry, investigation or review. Our offer will cover the eligible costs of responding to the following audits:

  • Corporate Tax Filings
  • Personal Tax Filings
  • GST/HST Filings
  • Employer Compliance Audits
  • Business Audits
  • Any query of any lodged filing where the client is compelled to respond or act^

* Based on Accountancy Insurance's Client Perceptions Survey 2014 (Clients in Australia and New Zealand).
^ Subject to the terms and conditions of the policy. Information about our tax audit insurance policy cover is provided on the Policy Cover page.

 

Contact Accountancy Insurance to learn more about how Accountancy Insurance can help you to implement Audit Shield into your accounting firm. One of our team members will be in touch promptly to discuss your needs and tailor a tax audit insurance solution for you.

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TESTIMONIALS

"Audit Shield has enabled us to facilitate discussions with our clients regarding the way governments have stepped up their questions and the issues that are now being explored by them and, consequently, the time that we have devoted to dealing with those issues and questions."

Ken Schultz, Principal, Integra Solutions Group CPA, Calgary AB  

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