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If I report the financial dealings of the prior ownership of my licensed entity in my Annual Financial Statement (AFS) report, am I responsible for the state of the financial records or the financial dealings of the prior ownership?
If the licensee has concerns about the financial records they received from the previous ownership or the financial dealings of the prior ownership, they may report those concerns to CRA through the CPA and they may be included with the AFS report when it is submitted. The new owner of the licensee would not be responsible for any questionable financial dealings prior to their ownership, provided they did not participate in any way in the activity or the circumstances surrounding the financial dealings.