Description: Look out: the Canada Revenue Agency (CRA) is coming for you. That is, if you are one of the over 2,500 Canadians named in the Panama Papers. It’s too late for voluntary disclosure according to the CRA. This means that those investigated could face penalties if the results of audit indicate taxes are owing for transactions obscured in offshore accounts.

Date: September 26, 2016

Source: theglobeandmail.com

Link: 

http://www.theglobeandmail.com/news/politics/no-deals-for-panama-papers-tax-cheats-canada-revenue-agency/article32045969/

Discussion Points:

1) Do you think interest and penalties are effective tools to encourage tax compliance?

2) Are you interested in pursuing an auditing career? Have you ever thought of working for the CRA?

3)  In Wiley’s  Auditing: A Practical Approach we read about various techniques auditors can use as part of their work. What techniques might be especially useful in auditing those named in the Panama Papers?