What is Audit Readiness?
An ARA, or Audit Readiness Assessment, is conducted proactively before an audit by the Canada Revenue Agency (CRA) takes place. At KAD Consulting, our experts perform a comprehensive review of your firm’s operations. This assessment ensures that your organization is fully informed about potential compliance risks and understands the potential implications for resources such as time, finances, and personnel should an audit occur. By identifying and addressing these risks pre-emptively, we help businesses prepare effectively, maintain compliance with tax laws, and mitigate the impact of any potential CRA audit.
We conduct simulated audits akin to law society audits to pinpoint areas needing improvement and recommend corrective actions to ensure compliance with regulations. Using advanced tools, techniques, and methodologies, we rigorously assess processes and gather evidence to identify critical control gaps that could mitigate fraud risks or non-compliance issues during official audits.
Is this relevant to you?
If you serve as the principal lawyer overseeing your law firm, maintain an active membership with your province’s law society, and manage a trust account, compliance with your province’s law society regulations is mandatory. Regular and random audits are conducted based on criteria set by the law society that governs law firms, ensuring adherence to ethical and operational standards.
In what ways we can support
We at KAD Consulting leverage advanced tools, techniques, and methodologies to gather evidence and identify key control gaps or issues that may lead to fraud, fund misuse, or non-compliance with law society audits due to inadvertent errors. Our simulated audits mirror those conducted by law societies, allowing us to recommend necessary changes for regulatory compliance. We conduct detailed reviews of your trust safety accounts, hiring practices, documentation management systems, information security protocols, and related processes to enhance efficiency and ensure compliance with regulatory standards.
In addition to our core services, we offer comprehensive bookkeeping solutions to ensure meticulous maintenance of your financial records, aligning with regulatory requirements. Our staffing solutions are tailored to meet your specific needs, ensuring you have the right team in place to support your business goals. We specialize in developing practices with robust internal controls to mitigate the risk of fraud, enhance practice management efficiency, and safeguard sensitive data through advanced cybersecurity measures. Trust us to provide holistic support that strengthens your operational integrity and positions your business for sustained success.