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.