March 2019 Update

April 1, 2019 / Monthly Newsletter

Greetings,

The March update is being sent this first day of April, but I promise, no April Fool’s jokes within, only a few focused topics this month.  For most, April is a time for heads down to work as it is a very busy month.  A few critical items to be aware are included below.  Read on…

Dedicated Telephone Service – CRA Tax Help for Income Tax Service Providers

CRA is continuing their Dedicated Telephone Service (DTS) for the 2018 filing season.  The DTS was a three-year pilot project started last year which offers free technical help for small or medium income tax service providers.  There is a very simple registration process after which you receive a telephone number and a personal telephone access code to connect with DTS.   The definition of a small to medium sized firm has expanded from the prior year.  This is a good service that may help you save time.  

REGISTER HERE

New Compliance Reporting Standards Effective Today

In addition to an audit or review report, you may be requested to report on compliance with lease agreements, funding or debt agreements or other agreements.  The new standards CSAE 3530 Attestation Engagement to Report on Compliance and CSAE 3531 Direct Engagement to Report on Compliance are effective for compliance reports dated on or after April 1, 2019.  CPA Canada issued an Audit and Assurance Alert about the new requirements including understanding the difference between the two types of engagements.  The report has changed so it is important to ensure you have the right processes in place to ensure the right report goes out the door.  

READ MORE HERE

CPA Manitoba Practitioner’s Forum 

CPA Manitoba’s Practitioner Forum on May 15 (5 pm-7pm) will be facilitated by none other than yours truly.  This round table event series brings together CPAs in public practice to learn and discuss relevant topics.  This month’s topic is related to HR.  I will be leading a discussion on attracting, retaining, developing and motivating staff.  The results of a provincial salary survey will also be presented to better help you understand the competitive market.  Please join me if you can.

REGISTER HERE

Other Standards Updates

In researching topics for this month’s update, I perused the Financial Reporting & Assurance Canada website as I always do.  Nothing of significance to report back to you as of yet.  The AASB boards are still deliberating comments on the various exposure drafts including Compilation Engagements, Agreed Upon Procedures, Reporting on Controls at a Service Organization and CAS 315 Identifying and Assessing the Risk of Material Misstatement.  I will provide further update on all of these when issued.  The only other matter of significance was information on the fact that the International Standards Board is developing an exposure draft on standards on quality control, now being referred to as Quality Management.  This means the Canadian Exposure draft is to follow shortly.  When issued I will provide you a summary of the impact this may have on your practice.  


One last item.  Don’t forget CPA dues are payable as of today and if paid after April 15, late charges will apply.  You should have received a notice from your provincial CPA body as applicable.  I hope the month is a good one and not too chaotic.  As you work through the month, please feel free to call with any questions you may have.  I am here to help you as needed.  In the meantime, happy spring!!

Best Regards,
Kirsten S. Albo, FCPA, FCA
President