Find Accountancy, Audit and Tax expertise in Canada

Overview

The accounting industry in Canada is characterised by a few very large national firms, a number of regional firms, and numerous local firms and practitioners. The ‘Big Four’ (PwC, Deloitte Touche, KPMG and Ernst & Young), Meyers Norris Penny and BDO are some of the largest professional services companies that operate in Canada, comprising a significant part of the sector. The industry serves the requirements made by the Canadian Business Corporations Act (1985), which obliges all businesses to be audited except in unusual circumstances. In 2011 the International Financial Reporting Standards (IFRS) were approved by the Accounting Standards Board and incorporated into Part I of the Canadian Institute of Chartered Accountants (CICA) Handbook. Subsequently, it is mandatory for this to be adopted by publicly accountable enterprises for interim and annual financial statements. The standards that are laid out in Part II of the CICA Handbook have been approved by the Accounting Standards Board in relation to private enterprises. The strength of Canada’s auditing and reporting standards was reflected in its 6th place ranking in the world (out of 144 countries) in the World Economic Forum’s Global Competitiveness Report (2012-13), with a value of 6.1 out of 7, significantly above the world mean of 4.6. It found itself in an even stronger position in the 2011 World Bank’s Ease of Doing Business Index for resolving insolvency, placing 3rd in the world (out of 183 countries), below only Japan and Singapore.

Accountancy, Audit and Tax organisations in Canada
Maurizio D'Angelo Financial Advisor
MDS LLP Chartered Accountants