This article focuses on key practice review observations from the 2020-21 inspection year (from April 1, 2020 to March 31, 2021), which include the most significant areas where firms did not meet standards, and the areas of focus in the 2021-22 inspection year. Click here for the full document.

You’ve worked a long time as a practitioner and are now contemplating retirement from public practice. This article provides responses to some Frequently Asked Questions (FAQs). Click here for the full document.

Looking for tips on how to implement selected requirements in CAS 315? Interested in why certain requirements in CAS 315 exist and how they drive an effective audit? Read this guidance to find out more. Click here for the full document.

_{published: 7/12/2021}

A practitioner may be asked by their clients or third parties to perform special reporting engagements which may be outside of their standard practice. As there are many different types of engagements with varying assurance levels there can sometimes be confusion about who the client is, what standards are appropriate for the engagement, the nature of the reporting requirements, and the practitioner’s responsibilities. Before accepting such engagements, a practitioner may want to consider the following... Click here for the full document.

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CPA Canada has created a Roadmap Tool and a Guide to the Roadmap Tool to help practitioners identify which standard(s) to use when providing services in accordance with the CPA Canada Handbook — Assurance. Click here for the full document.

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In December 2019, the Accounting Standards Board (AcSB) issued amendments to Section 3400, Revenue in Part II of the CPA Canada Handbook – Accounting. The amendments provide additional guidance on the application of the requirements in Section 3400 to clarify how to identify the unit of account in a revenue transaction, as well as additional guidance on the several revenue topics. Click here for the full document.

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The independence of a firm or an individual on the engagement team may be threatened if an officer or director of the assurance client or a related entity, or a person in a position to exert influence over the subject matter of the assurance engagement has been a member of the engagement team or a partner of the firm. Such circumstances may create a self-interest, familiarity or intimidation threat, particularly when a significant connection remains between the individual and their former firm or colleagues of the former firm. Click here for the full document.

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The use of the same senior personnel on the engagement team on an assurance engagement over a long period of time may create a familiarity threat. The significance of such a threat will depend on various factors. The threat should be evaluated and, if other than clearly insignificant, safeguards should be applied to reduce it to an acceptable level. Click here for the full document.

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The following list of links contains Knowledge Base content that relates to CSRS 4200. Click here for the full document.

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As a CPABC member, if you are contemplating working for a non-registered firm that offers public accounting, there are a number of considerations you should be aware of.  One important consideration, association, is covered in this document. Click here for the full document.

_{published 05/13/2021}

How has your experience been applying the new standard? What lessons did you learn? Or, have you been looking from the sidelines as the effective date for your clients approaches? Regardless of your experience with KAMs to date, FRAS Canada has released several documents to get you updated.

Lessons Learned: Read about considerations for a practitioner when identifying and communicating KAMs in the auditor’s report, including lessons learned in describing KAMs in the auditor’s report.

Roadmap: Use this roadmap, designed for small and medium-sized audit firms, to develop a successful KAM implementation process. It addresses what types of processes to establish and considerations for practice runs. 

FAQ: This helpful FAQ is for users of the auditor’s report, including audit committee members, management, and other stakeholders who rely on the financial statements and the accompanying auditor’s report in their decision making.

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Do you find yourself in quarrels with your clients/CPA about fees? We have compiled this KBASE COLLECTION of content that discusses fee related matters as reference, as well as to assist in preventing such conflicts in the future. Click here for the full document.

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Due to an increase in enquiries associated with COVID related practice management issues we have compiled this KBASE COLLECTION to assist you in planning for emergencies and ensuring that your practice can continue to operate smoothly. Click here for the full document.

_{published 04/15/2021}

Increasingly, CPAs are being looked to for advice that goes beyond tax and accounting matters. This shouldn’t be a surprise for anyone, as CPAs are financial experts who can bring objective data-driven advice to their clients that helps them not only understand tax-related matters, but also helps clients enhance their business growth and prospects, as well as wealth generation. To better understand how CPAs can play this critical role, we spoke with Burkett & Co.’s partner, Kevin Burkett, CPA, CA, on his experience. Click here for the full document.

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When looking for a practitioner to perform accounting services, here are a few tips to consider. Click here for the full document.