The Firm was engaged to prepare financial statements and income tax returns for a client’s companies and personal income tax returns for the client and spouse. The Firm did not provide competent professional services and effective advice to the client regarding the transfer of assets from a proprietorship to a corporation. The work was completed by a partner of the firm who was not a Chartered Accountant.
The Investigation Committee determined the Firm contravened the legacy ICABC Rules of Professional Conduct as follows:
201.1 – Maintenance of Reputation of the Profession
202.1 – Integrity and Due Care
203 – Professional Competence
408 – Association of Member with Non-Member in Public Practice
The Committee recommended the Firm:
- Accept a reprimand;
- Pay a fine of $1000; and
- Pay expenses of $2936 plus GST.