Kandice VincentRecently, I heard about a company that was forced to shut down because of an audit that revealed significant financial irregularities. It was a shame because they were actually a nice, mom-and-pop shop with a loyal customer base.
This made me realize that hiring a reliable audit service is important to avoid similar situations. A thorough audit can help identify potential problems early on, prevent fraud, and make sure that your business is compliant with all relevant regulations.
To that end, here are the best audit services in Toronto to help protect your business’s financial health.
How much do audit services cost in Toronto?
On average, audit fees in Toronto can range from $3,000 to $15,000 for small to medium-sized businesses, but larger corporations or more detailed audits can go higher.
Costs can vary depending on the size of your business, the type of audit (internal, external, tax, or forensic), and the complexity of your financial records.
1. Faris CPA
Faris CPA is focused on building strong client relationships. Catering to individuals and businesses, big or small, they offer a full range of high-level services, including accounting, financial, taxation, and business advisory
With over 10 years of experience, their auditors and accountants strive to be on top of the latest market trends, professional standards, and industry best practices.
They specialize in the review and audit of financial statements. Their audited financial statements include all the essentials: profit and loss statements, balance sheets, cash flow statements, and statements of changes in owners’ equity.
On the corporate side, they also tackle corporate tax audits, which is a major relief for businesses dealing with the Canada Revenue Agency (CRA). They’ve even successfully helped numerous companies avoid audits altogether.
Sadly, we heard about clients feeling a bit pressured when it comes to down payments. We recommend discussing payment terms upfront before hiring them.
Helped me to resolve a serious audit with the CRA
“Sam helped me to resolve a serious audit with the CRA. Throughout the process, Sam demonstrated skills, knowledge and expertise in accounting and the tax rules. He was able to challenge the auditor and prove why her assumptions were inaccurate. I feel safe and confident to have Sam and his team as my representative in any future tax and accounting related matters.”
Sahar Ghantous, Google Review
Sam and his team were able to reduce taxes from 450k to 15k
“Very good experience dealing with Sam Faris and his team. They helped me with a difficult time in my life by dealing with CRA audit. Throughout the process, they went above and beyond to provide detailed responses and analysis to the auditors. As a result, Sam and his team achieved the best results that I would have dreamt to have. Unlike what CRA proposed, Sam and his team were able to reduce taxes from 450k to 15k. Sam’s fee is very reasonable too considering the value that I received back. I highly recommend Sam Faris and his team.”
Glass Gates, Google Review
2. Buchprufer Solutions
Established in 2007, Buchprufer Solutions has a range of offshore accounting and auditing services. They have a team of 100+ qualified professionals, offering solutions for accounting, administration, HR, and of course, auditing.
When it comes to their auditing services, they can provide both external and internal audits. The team is well-versed in accounting policies, able to easily spot potential financial problems.
The highlight of this provider is their customizable audit outsourcing services. They adjust their process to fit exactly what each client needs.
They don’t skimp on accuracy either, using Caseware, a trusted audit tool that helps professionals handle big amounts of financial data quickly and easily.
Clients we spoke to praised Buchprufer for its cost-effectiveness. Without breaking the bank, they get full-service auditing support.
But with all these pros, note that Buchprufer’s services can be on the pricier side compared to other audit outsourcing options. It’s something to consider, especially for smaller firms or those working within tighter budgets.
Excellent audit support services
“Excellent audit support services, knowledgeable staff and great attention to detail. Thank you.”
Sa Joee, Google Review
Approachable, responsive, and dedicated
“I am impressed with the services offered by Buchprufer Solutions which include financial statement audits, tax planning and compliance, bookkeeping, internal control assessments, and advisory services. The firm’s ability to provide such a wide array of services under one roof is advantageous for clients seeking integrated financial solutions. The commitment to staying abreast of technological advancements positions the firm well in a rapidly evolving digital landscape. They provide timely and proactive communication, ensuring that clients are informed about their financial affairs. The firm’s team is approachable, responsive, and dedicated to providing personalized attention to every client.”
Alwin Antony, Google Review
3. Accountor CPA
Accountor CPA has been providing bookkeeping, accounting, and tax services since 2016.
They work with a range of industries, including healthcare, engineering, cryptocurrency, and nonprofits. Their most notable clients include Tim Hortons, Boston Pizza, and Travel Week.
We like that they offer a free, no-obligation request. This means you can explore their services without feeling pressured or locked in.
In terms of audits, they guarantee that your financial statements are error-free, giving you peace of mind when managing your books and filing tax returns.
They also offer consulting and auditing services to analyze your financial situation. In fact, their specialists are experts in Canadian tax legislation, so you’re getting advice from people who really know their stuff.
Customers can choose from their three accounting packages—Basic Price, Standard Price, and VIP Price—catering to different needs and budgets.
Keep in mind, however, that they can lack a bit of personalized attention.
They care about our business’s success
“Partnering with Accountor CPA & Tax Experts in Toronto has been one of the smartest moves we’ve made. Their team’s passion and expertise shine through in everything they do. They streamlined our accounting, handled our taxes with precision, and kept our payroll running smoothly. What really sets them apart is how much they care about our business’s success. Their proactive advice and attention to detail have made a real impact, allowing us to focus on growing without worrying about the financial side. Highly recommend them!”
Rabindra Pudasaini, Google Review
Has seen tangible improvements in our tax strategies
“I’ve been working with Accountor CPA & Tax Experts for our corporate taxes, and I must say, they are absolute professionals. Their team is incredibly knowledgeable about all aspects of corporate tax and has provided us with invaluable advice that has significantly benefited our business’s financial health. They are thorough, efficient, and always available to explain complex tax issues in understandable terms. Our company has seen tangible improvements in our tax strategies thanks to their expert guidance.”
The Saugat tech, Google Review
4. Aura Finance
Aura Finance is all about listening and understanding—it’s the heart of their approach. They take the time to get to know their clients to understand their struggles and work with them to reach their financial goals.
They offer a variety of assurance services. These include audited and reviewed financial statements and special opinion reports.
Plus, their team of CPAs knows Canadian tax laws inside and out. This is super handy since incorrect filings can lead to tax audits and those dreaded CRA penalties.
Their audit services also include compliance assurance. Their team keeps up with the latest tax regulations, making sure your filings are always on point and minimizing the risk of audits and fines.
There’s one thing to keep in mind: some clients have mentioned a lack of follow-up. So if regular check-ins are important to you, you might need to go elsewhere.
Aura Finance is exceptional in every manner!!
“Aura Finance is exceptional in every manner!! I had a wonderful experience with them, the way they handled the queries in a thorough manner was great. I had questions regarding tax filing and they were so prompt with answering me. It goes without saying that you can bank upon these guys for your accounting services. Thank you Aura finance for being so helpful and kudos for being super devoted in this field!”
Ina Bhambi, Google Review
Experts who genuinely care about your financial well- being
“Throughout my time with Aura Finance, I have seen substantial results in the form of tax savings, improved financial strategies and overall better financial management. Their expertise has been invaluable to my financial success. If you are looking for a dedicated team of experts who genuinely care about your financial well- being, look no further than Aura Finance. Aseem is a gem of a guy.”
sandeep lubana, Google Review
5. Leonard Tam
Leonard Tam Professional Corp. has been helping Toronto businesses and individuals since 1990. With over 1,000 businesses helped and a 98% satisfaction rate, it’s clear they know how to keep their clients happy.
Getting started is easy. They offer a free consultation, so you can see if it’s the right fit without any pressure.
Their audit services are also tailored to your needs. They’ll develop a strategy, prepare audited tax returns, and make sure everything is in compliance.
They specialize in handling GST/HST audits. Dealing with a CRA audit can be time-consuming and expensive, so they strive to make the process way less overwhelming.
Their client list includes names like Art Zone, Vice, Hype Food Co., RGS, and Spine Wellness Centre, so they’re no strangers to working with diverse businesses.
Unfortunately, we heard about a few accounting mistakes, which is a tad concerning.
Services are always professional and prompt
“I’ve worked with Leonard Tam’s team for many years now and the services are always professional and prompt. All my questions are answered at any time during the year they come up. I recommend Leonard Tam Professional Corp. for small business accounting services.”
Kelly Juhasz, Google Review
Attention to detail has saved us both time and money
“We have worked with Leonard and his team for many years. Their expertise and attention to detail has saved us both time and money. I highly recommend this team to anyone seeking top-notch accounting services!”
Ariam T, Google Review
