Financial reporting and accounting advisory services
You trust your external auditor to deliver not only a high-quality, independent audit of your financial statements but to provide a range of support, including assessing material risks, evaluating internal controls and raising awareness around new and amended accounting standards.
Accounting Standards for Private Enterprises
Get the clear financial picture you need with the accounting standards team at Grant Thornton LLP. Our experts have extensive experience with private enterprises of all sizes in all industries, an in-depth knowledge of today’s accounting standards, and are directly involved in the standard-setting process.
International Financial Reporting Standards
Whether you are already using IFRS or considering a transition to this global framework, Grant Thornton LLP’s accounting standards team is here to help.
Accounting Standards for Not-for-Profit Organizations
From small, community organizations to large, national charities, you can count on Grant Thornton LLP’s accounting standards team for in-depth knowledge and trusted advice.
Public Sector Accounting Standards
Working for a public-sector organization comes with a unique set of requirements for accounting and financial reporting. Grant Thornton LLP’s accounting standards team has the practical, public-sector experience and in-depth knowledge you need.
Tax planning and compliance
Whether you are a private or public organization, your goal is to manage the critical aspects of tax compliance, and achieve the most effective results. At Grant Thornton, we focus on delivering relevant advice, and providing an integrated planning approach to help you fulfill compliance obligations.
Research & development, government incentives
Are you developing innovative processes or products, undertaking experimentation or solving technological problems? If so, you may qualify to claim SR&ED tax credits. This Canadian federal government initiative is designed to encourage and support innovation in Canada. Our R&D professionals are a highly-trained, diverse team of practitioners that are engineers, scientists and specialized accountants.
Keeping track of changes and developments in GST/HST, Quebec sales tax and other provincial sales taxes across Canada, can be a full-time job. The consequences for failing to adequately manage your organization’s sales tax obligations can be significant - from assessments, to forgone recoveries and cash flow implications, to customer or reputational risk.
US corporate tax
The United States has a very complex and regulated tax environment, that may undergo significant changes. Cross-border tax issues could become even more challenging for Canadian businesses looking for growth and prosperity in the biggest economy in the world.
Cross-border personal tax
In an increasingly flexible world, moving across the border may be more viable for Canadians and Americans; however, relocating may also have complex tax implications.
While there is great opportunity for businesses looking to expand globally, organizations are under increasing tax scrutiny. Regardless of your company’s size and level of international involvement—whether you’re working abroad, investing, buying and selling, borrowing or manufacturing—doing business beyond Canada’s borders comes with its fair share of tax risks.
Transfer pricing is a complex area of corporate taxation that is concerned with the intra-group pricing of goods, services, intangibles, and financial instruments. Transfer pricing has become a critical governance issue for companies, tax authorities and policy makers, and represents a principal risk area for multinationals.
Succession & estate planning
Like many private business owners today, you’ve spent your career building and running your business successfully. Now you’re faced with deciding on a successor—a successor who may or may not want your direct involvement and share your vision.
Tax Reporting & Advisory
The financial and tax reporting obligations of public markets and global tax authorities take significant resources and investment to manage. This requires calculating global tax provision estimates under US GAAP, IFRS, and other frameworks, and reconciling this reporting with tax compliance obligations.
Our transactions group takes a client-centric, integrated approach, focused on helping you make and implement the best financial strategies. We offer meaningful, actionable and holistic advice to allow you to create value, manage risks and seize opportunities. It’s what we do best: help great organizations like yours grow and thrive.
We bring a wide range of services to both individuals and businesses – including shareholders, executives, directors, lenders, creditors and other advisors who are dealing with a corporation experiencing financial challenges.
Market-driven expertise in investigation, dispute resolution and digital forensics
Viruses. Phishing. Malware infections. Malpractice by employees. Espionage. Data ransom and theft. Fraud. Cybercrime is now a leading risk to all businesses.
Running a business is challenging and you need advice you can rely on at anytime you need it. Our team dives deep into your issues, looking holistically at your organization to understand your people, processes, and systems needs at the root of your pain points. The intersection of these three things is critical to develop the solutions you need today.
Updates for creditors, limited partners, investors and shareholders.
Builders And Developers
Every real estate project starts with a vision. We help builders and developers solidify that vision, transform it into reality, and create value.
Rental Property Owners And Occupiers
In today’s economic climate, it’s more important than ever to have a strong advisory partner on your side.
Real Estate Service Providers
Your company plays a key role in the success of landlords, investors and owners, but who is doing the same for you?
There’s no business quite like mining. It’s volatile, risky and complex – but the potential pay-off is huge. You’re not afraid of a challenge: the key is finding the right balance between risk and reward. Whether you’re a junior prospector, a senior producer, or somewhere in between, we’ll work with you to explore, discover and extract value at every stage of the mining process.
Oil & gas
The oil and gas industry is facing many complex challenges, beyond the price of oil. These include environmental issues, access to markets, growing competition from alternative energy sources and international markets, and a rapidly changing regulatory landscape, to name but a few.
The risks facing your business are evolving—and accumulating—at a breakneck pace. In today’s increasingly interconnected world, safeguarding your organization from such risks as IT security threats, economic volatility and corrupt business practices is only the first step. You also need to make sure each member of your organization is playing their part in mitigating and managing risk effectively, in accordance with regulatory requirements.
To say this is a challenge for many business owners would be an understatement. As the risk playing field changes from all angles on a seemingly regular basis, organizations need to update their risk management objectives along with it—and ensure their enterprise risk management (ERM) processes are up to the job.
While it may be tempting to make excuses to avoid ERM implementation, the ostrich approach is no longer sitting well with regulators. Sticking your head in the sand and pleading ignorance will not satisfy your regulatory responsibilities—and it won’t protect your organization.
The good news is ERM implementation doesn’t have to be an expensive and laborious undertaking—and the effort you put into it is well worth the outcome. To illustrate our point, we’ve suggested simple ways to get past four common ERM implementation excuses:
Excuse #1: Our business is simple and risks are well known, so there is no need to invest in the development of a formalized risk management program.
Solution: If your organization has simple business objectives, that doesn’t mean it faces no risk. It may, however, position you to document and address those risks in a simple manner. Rather than avoiding ERM altogether, consider assessing your primary risks at a high level, documenting them through a simple risk register and identifying any existing mitigating controls.
Excuse #2: We haven’t had any problems in the past (that we know of) so there’s no need to worry about this now.
Solution: The argument that a formal risk management process isn’t necessary doesn’t hold water anymore. In this day and age, ignorance is no defence. Implementing even the most basic ERM processes is better than having none at all.
Excuse #3: We will look into ERM once we solve (insert operational challenge of the day here).
Solution: ERM is a tool that can greatly assist your organization. It can help you understand the potential risks facing your organization and properly prioritize operational challenges accordingly. ERM also gives those charged with governance a better understanding of the inherent risks that may prevent the achievement of organizational objectives, which should guide their allocation of resources. Essentially, by seeing ERM as the useful tool that it can be, you’ll be making your organization stronger.
Excuse #4: If we formalize our risk management processes, we will have to document what could go wrong. If this is documented, we will have to manage the identified risks—resulting in the allocation of resources from an already-stretched resource pool.
Solution: A strong risk management culture starts at the top. If ownership supports risk-based decision-making, an appropriate risk management culture can flourish. If ownership chooses, instead, to fear it—and turn a blind eye to risks—the business will be open to countless risk events, and the consequences associated with them.
Essentially, by changing your view of ERM—and treating it as an essential line of defence against today’s business risks, you’ll be helping to more effectively protect your business, preserve your brand’s reputation and maintain shareholder value.