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News from the Canada Revenue Agency UPDATED February 4, 2019
Public Practice - Key Dates for 2018/19
Major Changes to Quality Management Proposed
The Auditing and Assurance Standards Board is proposing significant changes to the foundational quality control standards at the firm and engagement level. The Board has now issued the Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews exposure draft for comment.

To learn more about how these proposed standards might affect your current practice, you can read this Audit and Assurance Alert: Quality management, and watch the archived Explore the AASB’s Exposure Draft on Quality Management webinar.

We encourage members provide feedback by participating in one of the several virtual roundtables being offered in May – register on the FRAS Canada website.
Virtual roundtable discussions with AASB on CAS 700
The Auditing and Assurance Standards Board (AASB) has issued an exposure draft to revise CAS 700, Forming an Opinion and Reporting on Financial Statements relating to the communication on key audit matters.

The AASB proposes to expand the requirements for auditors to communicate KAM for audits of complete sets of general purpose financial statements so that they apply to:
- all entities listed on the TSX, TSXV, NEO and CSE; and
- all entities required to comply with NI 81-106.
To make it easier for stakeholders to provide feedback, the AASB is conducting a number of virtual roundtable discussions in April and May 2019. Please register your participation on this page of the Financial Reporting & Assurance Standards Canada website
Register for CRA Dedicated Telephone Line
Great news for CPAs from the Canada Revenue Agency: a dedicated telephone service for income tax service providers!

The service is designed to help answer your questions on the interpretation of the Income Tax Act, with an agent assisting you through the guidance and technical information relevant to your questions about the Act.

This free service is intended not just CPA firms only, but for all small- to medium-sized professional tax service firms. Register today on the CRA website.
Be A Part of the Future
The CPA profession is going through unprecedented change and you can help shape its future by joining CPA Canada’s online conversation to share your views. Help reimagine the accounting profession by joining the CPA Canada Foresight movement. Read more about this comprehensive multi-stakeholder project on the CPA Canada website and get involved with the Foresight movement.
Toward a New Standard on Compilation Engagements
A new standard for Compilation Engagements has been proposed! The proposals would significantly change the communication attached to compiled financial information and could affect the way practitioners perform the engagement.

Take advantage of these resources to get informed:
- The Exposure Draft for CSRS 4200 Compilation Engagements was released on September 4, 2018. Download it from the FRAS Canada website.
- Register here to listen to a free webinar to learn more about the proposed standards and how you can provide input.

Public Practice News & Views Knowledge Base