On May 11, 2023 the Pay Transparency Act (“Act”) was passed, and it places new requirements on all employers. Link to BC Pay Transparency Act – Plainly Speaking.
This article will focus on key practice review observations from the past inspection year (April 1, 2022 to March 31, 2023), including the most significant areas where firms failed to meet standards. Thereafter, the report will cover areas of focus for the 2023-2024 inspection year. Link to Practice Review: 2022-2023 Findings and Focus Areas.
Practitioners must ensure they obtain management acknowledgement of the final compiled financial information as it relates to Canadian Standard on Related Services (CSRS) 4200 Compilation Engagements, and include this acknowledgement in their documentation. Link to Obtaining Managements’ Acknowledgement When Completing a CSRS 4200 Compilation Engagement.
Practitioners love helping their clients, and their clients love asking for help. Where these requests are outside of the service provision that has been agreed upon, or when the request comes directly from a third party, a practitioner should think twice about fulfilling the requests. Even where the additional request is generated internally, a practitioner should proceed with caution. Link to Being helpful can cost you!
There still remains some confusion among practitioners as it relates to the appropriate purpose and application of the Canadian Standard on Related Services (CSRS) 4200 Compilation Engagements. This article will explore additional specific topics that practitioners should carefully consider. Link to Inappropriate forms of communication under CSRS 4200 compilation engagements.
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.
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