Canada: Accounting and Audit

Artificial intelligence is reshaping audit execution by automating data analysis and improving efficiency, but it cannot replace the professional judgment, accountability, and regulatory defensibility that remain at the core of audit assurance. As organizations increasingly adopt AI tools in their audit workflows, they face new risks around model reliability, transparency, and governance that demand careful management and oversight.

Tax auditors often request audit waivers when approaching limitation periods, but these seemingly simple agreements carry significant risks for taxpayers.

In the lifecycle of every large corporation, receiving an Audit inquiry from the Canada Revenue Agency (CRA) is not a matter of if, but when. Whether it arrives as a formal "Request for Information" or a polite...