18th May 2016
Since expanding from Australia and New Zealand to Canada, Accountancy Insurance has established itself as a growing presence in the insurance field, especially in our specialty area of insuring accounting firms. The dedicated focus of our staff of professionals to the particular business needs of accountants has generated enthusiastic recommendations from our clients and helped us to emerge as a growing, exciting new player in the insurance industry in Canada.
The leading product offered by Accountancy Insurance is coverage for audit activity related expenses under Audit Shield. For modern, forward-minded businesses, the risk of unpredictable or variable expenses can be managed suitably with insurance products to remove uncertainty, streamline cashflow management, and generally eliminate risk. Just as liability and fire insurance assure confidence to businesses and homeowners, so firms can rest easier by insuring against unexpected costs associated with their clients' audits. Because the need for audits can come without warning—at times from a random drawing or the snap decision of a supervisory authority—the costs associated with complying with an audit can materially affect a firm's cash balance, sometimes with unfortunate timing. Firms already have the unwelcome choice of absorbing the cost themselves or passing it on to their client—a decidedly unappetising pair of options—but now have a third and starkly preferable option, thanks to tax audit insurance coverage with Audit Shield.
The Canada Revenue Agency (CRA) has indicated on its website that construction, retail, and hospitality and food service firms are the most likely Canadian businesses to be audited by the CRA. For business firms in these sectors, the exposure to auditing expenses can be an especially pertinent financial line item. Other businesses need to perform or conduct an audit in accordance with non-tax regulations or under contractual terms of their lenders. No matter the source, an audit is always an important business event, and one that needs to be handled in the right way.
But it's not just companies in those industries that need to think ahead: Every business that pays taxes can be required to undergo an audit. Every firm can be required to comply, on behalf of their clients, with a government audit for this year or years past. And that means that every firm providing accountancy services to their clients can benefit by managing risk and protecting your business. And our business bears that out: 95% of clients who have engaged Accountancy Insurance for tax audit insurance say that they would recommend their friends and colleagues to use Audit Shield.
Contact us to find out what Accountancy Insurance can do for you.