T2  AM/SA Reviews File with client and prepares for Finalizing

#Work StepsRef./Forms Used
1Review meeting with client by phone, by virtual or in person.
2AM and client resolve outstanding issues re: documentation, as well as any issues the client has brought up.Caseware
3AM review the Balance Sheet and Income Statement with the client and ensure that the client understands and are comfortable with the numbers, and what they mean. Answer questions about bookkeeping.Caseware
4Review the benchmarking analysis and advise client if they are too aggressive, or if they can maximize deductions.Benchmarking Analysis Template
5Discuss Tax Planning, invoice, WIP Summary and future consideration/ planning points. Ensure to provide SD dues date according to payroll remitter type (Regular, Threshold 1 or 2), provide payment for GST/HST and provide corporate income tax payableCaseware
6AM prepares notes from the Review Meeting and records in IssuesCaseware
7Record Directors Fees or Consulting Fees, if applicableCaseware
8AM checks CRA for any additional installments after data entry and updates the fileCRA
9Accounting Fees accrual updated, if necessaryCaseware
10Check Issues to ensure that comments from review have been addedCaseware
11Additional adjusting entries from review meeting enteredCaseware
12Tax Returns and related schedules are updatesCaseware
13Tax Provision updatesCaseware
14AM notes in CRM/Infusionsoft if CPA4IT Professional Corporation or the client will prepare T4/T5CRM/Infusionsoft
15AM Completes financial planning spreadsheet. This is saved in Caseware and later attached to Accountant’s Copy in SharefileCaseware
16Update client engagement documents 305 and 310Caseware
17AM files GST/HST Return and uploads CRA Confirmation in SharefileW.I 602-12 (2)
18AM pass the file and Senior AM for final quality control review before finalization
19Update T2 WIP and CPACRM/Infusionsoft
Stage 5

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