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Bernie Madoff. Charles Ponzi. Enron. WorldCom. Most of us have heard of them. Some of us are glued to shows like CNBC’s American Greed, which focuses on the stories and details behind many white-collar crimes, many of which have affected everyday citizens. You would think we could learn.

Inventory accounting standards are written based on principles versus with financial instruments using rules.

As an owner of a business, your company's books and financial statements represent a score sheet which tells how you are progressing, as well as an early warning system which lets you know when and why the business may be going amiss.

The Ontario Securities Commission (OSC) recently released the results of its review of the quality of International Financial Reporting Standards (IFRS) transition disclosure provided by certain randomly selected issuers in their 2008 annual and 2009 interim management discussion and analysis (MD&A).

In an earlier blog post, we discussed some of the risks to sponsors and administrators of registered pension plans.

With increasingly complex and busy lives, we understand the value an efficient audit process can provide to business owners and their teams. Here are 10 helpful tips for a successful audit:

Audits and assessments undertaken by the Canada Revenue Agency (CRA) that uncover errors or omissions by a taxpayer can lead to significant penalties.

As an individual (in a sole proprietorship), it is easy for you to shape your business based on your own internal rules, vision and ethics.

In Canada the Courts have unanimously ruled that directors and officers owe their fiduciary duties to the corporation at all times, even when the corporation is in the nebulous "vicinity of insolvency".

On February 25, 2015, regulations amending the annual statement requirements for federally regulated financial institutions (FRFIs) were published in the Canada Gazette.

In October 2021, the Not-for-Profit Corporations Act, 2010 ("ONCA") came into force. Ontario not-for-profit corporations have three years to transition their governing documents to conform with the ONCA.

Fraud is a growing problem in many food and beverage businesses. Most organizations only take steps to improve their controls after a fraud has been discovered and the damage has been done.

A recent decision of the Ontario Court of Appeal illustrates that secured creditors should address their priority position relative to all other creditors of their borrower in order to achieve a complete subordination of competing security.

On February 2, 2012, the Court of Appeal rendered its judgment in the case of Maisons Marcoux Inc. (Syndic de).

The long-awaited amendments to Canada’s Bankruptcy and Insolvency Act (BIA) and Companies’ Creditors Arrangements Act (CCAA) came into force on September 18, 2009.

On September 18, 2009, many long-awaited amendments to Canada's “Bankruptcy and Insolvency Act (BIA)” and “Companies' Creditors Arrangement Act (CCAA)” came into force.

In Grant Thornton LLP v. New Brunswick, the Supreme Court of Canada (SCC) unanimously held that a claim is discovered – and the limitation period begins to run – when the plaintiff knows, or ought to know,...