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published 08/02/2022

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.

published 04/27/2022

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.

published 03/21/2022

The frequently asked questions noted below are in addition to the questions addressed in the CPA Canada CSRS 4200 implementation tool and the CPABC PD course on application of the new CSRS 4200. Link to CSRS 4200 - FAQ.

published 03/21/2022

Whether you are undertaking a review or an audit engagement, materiality is the backbone that provides structure to the engagement. Without it, the engagement would be a blobby mess. Determining materiality for an engagement requires professional judgement and a consideration of both quantitative and qualitative factors. Link to Materiality Brawn vs Brain.

published 03/21/2022

The following list of links contains Knowledge Base content that relates to Not-for-Profit Organizations. Link to KBASE COLLECTION - Not For Profit Organizations.

published 03/21/2022

The standards that relate to the retracting and reissuing of assurance engagement reports are those that discuss work on subsequent events. The specific requirements are divided into three scenarios, depending on timing. Link to Retracting and Reissuing Assurance Reports.

published 03/03/2022

The following list of links contains Knowledge Base content that relates to Agreed-Upon Procedures Engagements. Link to KBASE COLLECTION – CSRS 4400 Agreed-Upon Procedures Engagements.

published: 02/03/2022

Identifying and assessing the risks of material misstatement is the foundation to every financial statement audit. For this reason, it is vital that you, as an auditor, understand the changes to CAS 315, Identifying and Assessing the Risks of Material Misstatement, and how these changes will impact your audit engagements. Link to CAS 315: Preparing for the New Risk Identification and Assessment Standard.

published: 01/20/2022

Read this comparative summary to obtain a basis for discussions to help clients and potential clients decide what type of compliance engagement is likely to best meet their needs. Link to Practitioner alert: Comparing Compliance Engagements.

published: 01/20/2022

Canadian Revenue Agency responses to roundtable questions. Link to Canada Revenue Agency - Provincial Roundtable Questions.

published: 12/10/2021

Our professional standards advisors have seen an increase in questions related to work performed on government assistance during audits and reviews. Simply performing work on the receipt of funds only is generally not sufficient. What else should you do? Link to Auditing Government Assistance: Are You Prepared?.

published: 8/16/2021

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. Link to Practice Review: 2020-2021 Findings and Areas of Focus.

published: 7/19/2021

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). Link to Retirement of a Practitioner – FAQs.

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... Link to Special Reporting Considerations.

published 05/13/2021

The following list of links contains Knowledge Base content that relates to CSRS 4200. Link to KBASE COLLECTION – CSRS 4200.

published 05/06/2021

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. Link to KBASE COLLECTION - Practice Emergency and Continuity Planning.

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. Link to How CPAs can be a Trusted Partner to their Clients.