Tax season is just around the corner, and with that comes the call for CPAs to volunteer with the CRA’s Community Volunteer Income Tax Program (CVITP). By volunteering to prepare income taxes through the CVITP, CPAs help to ensure that Canadians with modest incomes are able to file their tax returns and access the various benefits and credits available to them. Link to Volunteer at a Tax Clinic
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 following list of links contains Knowledge Base content that relates to Engagement Letters. Link to KBASE COLLECTION – Engagement Letters
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.
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.
The following list of links contains Knowledge Base content that relates to Not-for-Profit Organizations. Link to KBASE COLLECTION - Not For Profit Organizations.
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.
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.
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?.
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.
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.
The following list of links contains Knowledge Base content that relates to CSRS 4200. Link to KBASE COLLECTION – CSRS 4200.
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.
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.
- KBASE COLLECTION – Anti-Money Laundering
- KBASE COLLECTION – Buying or Selling a Firm
- KBASE COLLECTION – Client Relations
- KBASE COLLECTION – Cloud Computing
- KBASE COLLECTION – CSRS 4200
- KBASE COLLECTION – CSRS 4400 Agreed-Upon Procedures Engagements
- KBASE COLLECTION – Cybersecurity
- KBASE COLLECTION – Engagement Letters
- KBASE COLLECTION – Fee Complaints
- KBASE COLLECTION – Independence
- KBASE COLLECTION – Licensing
- KBASE COLLECTION – Monitoring & Quality Management
- KBASE COLLECTION - Not For Profit Organizations
- KBASE COLLECTION – Practice Emergency and Continuity Planning
- KBASE COLLECTION – Practice Review Findings
- KBASE COLLECTION – Retirement
- KBASE COLLECTION – Special Reports
- KBASE COLLECTION – The Code (Excluding Independence)
- KBASE COLLECTION – Use of CPA for Personal and Firm
- KBASE COLLECTION – You and Your CPA
- 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