November 2025
Greetings,
Welcome to this month’s edition of the ASK KSA newsletter. As we move into the final stretch of the year, it’s a natural time to pause, take stock and set ourselves up for a strong finish. Whether you’re reviewing CPD progress, preparing your firm for busy season, or keeping up with the latest technical updates, this month’s issue is packed with practical insights to support you and your practice.
We’re highlighting key reminders on CPD requirements, offering guidance on quality management evaluations under CSQM 1 and sharing updates on new sustainability standards. You’ll also find a great article on the art of saying no, something many of us could use during this hectic season. Read on…
Revised CAS 570
I have included updates on Revised CAS 570 in my last few updates and included here again. It is an important revision to the handbook that I want auditors to start thinking about now. Even though Revised 570 is not effective until basically the 2027 year-ends, there are enough changes that you will want to start thinking about it now… You don’t want a blank stare from your client when you ask them to provide management’s assessment of their use of the going concern assumption. A few big changes coming:
- Management will need to provide their assessment… whether or not there are events or circumstances that raise doubt about the use of the assumption. That is a big change!
- Another significant change is the date of that assessment. It used to be 12 months from the year-end date. It is now 12 months since the report date. You don’t want to be asking for this late in the audit. You need to educate your clients now.
- Other changes include the approach to auditing management’s plan of action, including intent and feasibility.
- And, one more big change. For every audit, there will be a new section in the auditor’s report about the use of the going concern assumption. This new section about going concern is included, whether or not there are material uncertainties related to the use of the going concern assumption. Let that sink in… For. Every. Audit. All. The. Time.
I have been coaching all my clients to take the time to get updated on Revised 570 and start the conversations with your clients already in your upcoming 2025 audits. I encourage you to do the same.
READ THE FRAS SUMMARY FOR MORE INFORMATION ABOUT REVISED 570 CHANGES HERE
Revised CAS 570 has been issued and is in the Handbook. It is definitely worthwhile to take a moment to read it. It is a very well-written standard fully aligned with CAS 315.
Annual Evaluation of the Firm’s System of Quality Management
A reminder that the annual evaluation of your firm’s system of quality management (SQM), as required under CSQM 1, is on the horizon. For most firms, this assessment must be completed by December 15, 2025. This review is an important opportunity to step back and consider how well your SQM is operating in practice… Are the policies and procedures functioning as intended? Are risks being appropriately addressed? Are there areas that may need refinement before the next cycle?
For some readers, this evaluation is a responsibility you oversee directly. For others, it may not be part of your role, but it remains vital to keep engagement quality top of mind. Even if you’re not the one performing the evaluation, consistently following your firm’s policies and procedures is essential to maintaining a strong culture of quality and supporting the overall effectiveness of your firm’s SQM.
If your firm could use support in preparing for the evaluation or strengthening your existing processes, I’m always here to help. Reach out any time.
Sustainability Standards Update
Canada officially approved Canadian Sustainability Disclosure Standards (CSDS) 1 and 2 back in December 2024. Both are now published in the CPA Canada Handbook. These standards closely align with the ISSB’s IFRS S1 and S2 and establish the foundation for consistent, decision-useful sustainability and climate-related disclosures for Canadian entities.
On the assurance side, the IAASB has issued ISSA 5000 General Requirements for Sustainability Assurance Engagements, and Canada has stated its intention to adopt this new standard. This will provide a clear framework for practitioners who may be asked to provide assurance, either limited or reasonable, over sustainability information.
For firms, this shift presents more than a compliance update; it represents a new business opportunity. Some of your clients may soon need sustainability disclosures to satisfy lenders, boards, industry regulators or other external bodies. Staying informed now positions your firm to support these evolving needs, respond to client questions and potentially expand your service offerings as demand grows.
READ THE FRAS UPDATE ON CSSA 5000 HERE
Tips for Conquering Busy Season
Our profession is unlike any other… while many are busy, we truly have a “busy season” recognizing that is lasting more and more throughout the year. Most practitioners I know are always looking for ideas on tips to manage their time and make the workflow easier. I found this article from Karbon that has a number of ideas to manage the busy season. I liked this article as it was a quick read with tips that were simple and easy to apply. I also liked that the article linked to many other interesting and relevant topics. The end is about using Karbon practice management so I just ignored that part, lol. The rest of the article is quite useful.
The Power of a Well-Placed “No”
It’s easy to find ourselves overwhelmed simply because we try to take on everything. But there comes a point when saying “no” is not only appropriate, it’s essential. That one small word can be surprisingly hard to say, yet learning to use it well helps protect your time, focus on what truly matters, and maintain healthy, respectful relationships.
I came across a great article that can help with exactly that. It offers 50 alternative ways to say no, organized into practical categories so you can choose the right approach for each situation. It’s a helpful read for anyone looking to set clearer boundaries without damaging rapport.
Year-End CPD Reporting
With just one month left in the year, now is a great time to take a quick look at your CPD progress. Doing a year-end check-in can help you stay on track with both the 2025 annual requirements and the three-year rolling cycle, which wraps up on December 31, 2025. All CPD learning activities must be completed by that time and reported no later than April 1, 2026.
As outlined in Rule 203, every member is responsible for maintaining and enhancing their professional competence. And don’t forget about your licensing CDP hour requirements. Your provincial member portal is where you report your hours and review past submissions to see whether you may need additional learning to meet the minimum CPD requirements by December 31, 2025.
ASK KSA PD
If you’re finding it challenging to meet your CPD hours, ASK KSA has a great solution. Our online, on-demand Professional Development courses make it easy to learn when it works for you.
Each course is designed to be practical, informative and engaging, with content that directly supports your work in practice. You’ll find a wide range of options to choose from… and most courses will help you meet licensing hours requirements. It’s a simple, flexible way to stay current while earning the hours you need.
BROWSE THE FULL COURSE LIBRARY HERE
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Where does the time go? The next newsletter I send will be after Christmas. That is insane to me. I can’t believe we are almost at the end of the year. So yes, I will say it now… Happy holidays. 2025 has gone by so fast, and I have loved every minute of it. I am so grateful for the opportunity to work with so many of you. I love what I do and have fun along the way. Thank you.
Have a great last month of the year, and I will see you on the other side. As always, I am here to help save you time and achieve peace of mind.
Best regards,
Kirsten S. Albo, FCPA, FCA
President