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News from the Canada Revenue Agency UPDATED July 4, 2019
Public Practice - Key Dates for 2018/19
Invitation to virtual roundtables on audits of less complex entities
Do you audit “less complex” entities? Since we have big GAAP/little GAAP, should we have big GAAS/little GAAS?

You are invited to attend a virtual roundtable on July 24 or August 1, 2019 to provide feedback on the IAASB’s discussion paper Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the International Standards on Auditing (ISAs).

The Canadian Auditing and Assurance Standards Board (AASB) wants to hear your views on:
- the challenges that you face in applying the CASs to audits of less complex entities; and
- possible actions that could be undertaken to address the identified challenges.
Register now to help the AASB determine how best to support you in effectively and efficiently applying the CASs to audits of less complex entities.
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.
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.
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