published 05/13/2021

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

published 05/13/2021

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.

published 05/06/2021

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.

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. 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.

published 03/25/2021

We have been living in this new COVID-19 normal for over a year now. With events and workplaces remaining virtual and remote, are you finding it increasingly difficult to maintain connections with your existing network as well as build new meaningful connections? If the answer is yes, you are not alone. Here are four tips on how you can maintain and build your network during these challenging times. Click here for the full document.

published 03/22/2021

John Hetherington discusses ways in which accountants can use smart technology to thrive, as well as some of the risks to be cautious of.

Imagine a future where audits can be done easily and quickly. All your ledgers, journal entries, donations, and other transactions are connected, sorted, and verified on the spot. Click here for the full document.

published in 03/18/2021

Why are professions regulated? Well, imagine trying to find a doctor if doctors weren’t regulated. How would you verify that they have the right credentials and training? Would you feel confident that they were staying up to date with the latest knowledge in their field? How would you know that they are competent if there’s no oversight of their practice? Click here for the full document.

published 3/01/2021

The 2020 tax year will be very different for many Canadians who have to file their personal income taxes. That’s because many of the federal government’s emergency benefits in response to COVID-19 are taxable. Some of these benefits have not been taxed at all, while some were taxed at source; but recipients may still be responsible for paying taxes on the benefits received.

This article will break down how to factor these benefits into your personal income tax filing, as well as explain the new, simplified way of declaring work-from-home expenses. Click here for the full document.

 

published 3/23/2021

The new Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements, comes into effect this year, with potentially significant impacts for practitioners. Here are some resources to help you understand the changes and get started. Click here for the full document.

published 3/10/2021

CPABC works to protect the public by ensuring that members, students, and firms (registrants)  meet the highest of professional standards. CPABC’s Professional Conduct department receives about 100 complaints from the public each year concerning our members. While this is a relatively low number when you consider that there are now more than 37,000 CPAs in British Columbia, knowing this will be little consolation if you find yourself the subject of a complaint. The following article is designed to help you avoid this situation. In it, we review the CPA profession’s ethical framework and suggest best practices to help CPAs stay onside. Click here for the full document.

published 3/12/2021

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

published 3/12/2021

Before sharing information, expressing opinions or posting pictures online, members may want to consider these useful tips to help them navigate social media platforms and stay onside with professional and ethical obligations. Click here for the full document.

published 2/19/2021

The death of a practitioner can create a lot of stress and unknowns for those left to take care of their business and personal matters. The objective of this article is to provide answers to frequently asked questions. A practitioner can take some of these steps in advance, to ensure that their estate is better prepared to handle the impact on the practice upon death of a practitioner. Click here for the full document.

 

published 11/1/2020

CPAs are busy professionals with myriad responsibilities. With so much to keep track of on a daily basis, many members may lose sight of the wide range of services that require public practice licensing and some may end up crossing the line. Some may also be caught unprepared or ill-equipped when their professional services stray into unfamiliar areas. This article provides a cautionary look at both situations. Click here for the full document.

 

published: 01/07/2021

There may be circumstances where CSRS 4200 does not apply; can I attach a disclaimer to the financial information? Click here for the full document.

published: 12/08/2020
 
You’ve worked a long time as a CPA and are now contemplating retirement. This article provides responses to some Frequently Asked Questions. Click here for the full document.

published: 12/08/2020

Learn how the receipt of government assistance by your clients may impact your engagements. Click here for the full document.

published: 12/01/2020

Due to the speed of the rollout, there is the possibility that some recipients may have received benefits in error. According to CRA, payments made to anyone who is later found to be ineligible will need to be returned. Click here for the full document.

published: 10/27/2020

In the wake of the COVID-19 pandemic, the Canadian federal government announced the Canada Emergency Business Account (CEBA) which provides interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced. A quarter of this loan (up to $10,000) may be eligible for forgiveness under certain conditions. Click here for the full document.

published: 4/14/2020

CPABC is supporting members by providing regular updates and links to resources during these uncertain times. Visit our COVID-19 Updates and Resources for CPAs page on the CPABC website – here you’ll find information on tax and benefits programs from the provincial and federal governments, as well as guidance and resources for public practitioners.

CPA Canada is also supporting practitioners with their own Federal Government COVID-19 Tax Updates webpage. While CPA Canada develops technical resources, they have compiled a summary of external resources to help you understand the potential financial reporting and audit implications of the COVID-19 pandemic.