Accountability Research Corporation “ARC” is the independent investment research arm of Rosen & Associates Limited, a highly-respected forensic accounting and business valuation firm that has been serving North America’s largest fund managers for over fifteen years. ARC is also certified independent by the internationally-recognized Investorside Research Association.
We are the only investment research firm in North America that is partnered with an active forensic accounting practice, making us Canada’s only independent forensic advisory for investors.
Our fundamental and accounting-focussed research is widely used by institutional investors across Canada and the U.S.
Please click here to receive sample equity research reportsAccountability Co-Founders
L.S. (Al) Rosen
PhD, FCA, FCMA, CFE, FCPA, CGA, CIP, CA.IFA
- sits on the Canadian Justice Review Board
- has been Senior Advisor to two Auditors General
- has been engaged in over 700 forensic accounting cases
- taught for more than 30 years combined at UofA, UBC and York University, Schulich School of Business
Mark Rosen
CFA, MBA, CFE
- former Chairman of Investorside Research Association Canada
- co-author of Swindlers: Cons & Cheats and How To Protect Your Investments From Them
- author and co-author of hundreds of articles on financial reporting, earnings quality, equity valuation, and corporate governance
What Makes Us Unique
- Largest independent research firm in Canada covering a broad range of U.S. and international equities on top of our core Canadian mandate.
- Only research firm in Canada to quantify the target price impact of the accounting issues we highlight for clients.
- Only research firm in Canada with a rating system dedicated to assessing cash flow and earnings quality.
- Only firm in North America partnered with an active forensic accounting practice.
- Largest research firm in Canada certified as independent by the U.S. Investorside Research Association.
Forensic Approach
First, we validate the integrity of the financial statements. If you can't trust the numbers behind your analysis, it doesn't matter what industry, sector or company you are analyzing. Confidence in the numbers behind your investments is paramount.
Second, we quantify relevant financial accounting and valuation issues. We delve deep into the financial statements to not only flush out potential threats, but also to identify investment opportunities hidden by complex or inadequate financial reporting.
Model Portfolio
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Canadian Income Focus Model
The ARC Income Focus Model is designed primarily to provide dividend income and…
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North American Model
The ARC North American Model is comprised of companies chosen by Accountability Research…
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North American Income Model
The ARC North American Income Model carries the same mandate as our Canadian…
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International Model
The ARC International Exposure Model Portfolio is designed primarily to provide long-term capital…
Latest Research
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MI Developments Inc. | May. 2012
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Baytex Energy | May. 2012
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Crescent Point Energy | May. 2012
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Enbridge Inc. | May. 2012
ARC In the News
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May 2012
Income Trusts are Back
Al and Mark Rosen, Advisor.ca
In his new book, Thieves of Bay Street, author Bruce Livesey describes income trusts as a clear case of "the Canadian financial industry marketing Ponzi scheme-like investments." He minces few words in describing how banks marketed the trusts to retail clients and investment advisors using a "turbo-charged hype machine."
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May 2012
Loblaw downgraded to Sell
With Target's arrival just around the corner and Wal-Mart ramping up its grocery offerings, Accountability Research analyst Kevin Chu warns Loblaw Cos. Ltd. is in precarious shape.
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April 2012
Beware your Auditor
Al and Mark Rosen, Advisor.ca
People are questioning the auditor's role in the wake of engineering firm SNC Lavalin's recent missteps. Its CEO resigned in March and its board is reviewing $35 million of potentially inappropriate payments it made to construction projects.The company has also been accused of ties to former Libyan dictator Moammar Gadhafi.