Over the last several months, inspections of compilation engagements across Canada have highlighted some deficiencies in the application of the new Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements. Link to Important Notice Regarding Compilation Engagements.
The new quality management standards are, in short, good. They encourage all firms to consider their specifics, their clients, and their engagements when designing and implementing quality control procedures. This flexibility allows smaller firms to scale back their processes and procedures to address only those areas that are applicable. Link to Quality management – Implementation advice for smaller firms.
The purpose of the Practice Review Program is to protect the public through assessing a firm’s compliance with professional standards, and by taking appropriate follow-up or remedial action in cases of non-compliance. Read about key practice review observations from the 2021-22 inspection year and areas of focus. Link to Practice Review: 2021 - 2022 Findings and Focus Areas.
CPA Canada has prepared an implementation tool for practitioners to assist with the implementation of the Canadian Standard on Quality Management (CSQM) 1. Link to CSQM 1 Implementation Tool.
- Part I: IFRS
- Part II: Accounting Standards for Private Enterprises
- Part III: Accounting Standards for Not-for-Profit Organizations
- Part IV: Accounting Standards for Pension Plans