April 2023
Greetings,
April is always a significant month for me… It is ASK KSA’s anniversary, and this year we celebrate 7 years!! Whoa. I started this monthly update at the very beginning and have been consistently sending it out ever since. I want to keep practitioners up to date and focused on what they need to know in the moment. The newsletter has evolved over time but has always included technical updates, practice management ideas and professional development information. This month is no different. Read on…
Standards Update
The most significant auditing standard that is now effective is Revised CAS 315. By now, you should have updated your audit file templates and be well into the transition process. There will be continued learnings throughout the year.
CAS 600 Group Audits has been approved and is now in the Handbook. This standard is effective for periods beginning on or after December 15, 2023. You have time to implement but as you work through the current year audits of consolidated financial statements you may want to take note for next year.
Other projects on the go include:
- Joint Policy Statement between auditors and actuaries – Issued
- Audit Evidence (CAS 500) – Exposure Draft issued
- Fraud (CAS 240) – Project Approved
- Going Concern (CAS 570) – Project Approved
- Audits of Less Complex Entities – Ongoing discussions
Contributions – Revenue Recognition (ASNPO) – Exposure Draft issued - Other accounting standard discussions
There is nothing immediate you need to take action on but always good to be aware. For a full listing of ongoing projects check out FRAS CANADA UPDATES HERE.
PEG Updates
Knotia released updated 2022 PEG Financial Reporting Framework (FRF) forms on Knotia on March 31. The updates were to update the FRF forms to reflect current ASPE and NFPO standards as well as improve usability and flow of information.
In addition, Knotia is releasing a series of tutorial videos on the new audit forms. Available videos are:
- Overview – Risk Assessments Procedures (18 minutes)
- Form 520 Video (17 minutes)
- Form 550 Video (21 minutes)
- Other videos on Forms 590, 511, 535, 551 are to follow in coming months.
Log into Knotia to access the videos. They can be found in the Professional Engagement Guide (PEG) folder under PEG TUTORIAL VIDEOS.
Anti-Money Laundering Resources
Changes to the AML/ATF requirements will impact CPAs engaged in activities covered by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). CPA Canada has issued a guide to ensure you are well-equipped to fulfill your potential obligations as required by the legislation and regulations.
As AML legislation and regulations evolve, stay ahead of the curve. Learn about new requirements, your obligations, and how to ensure you comply with them fully.
5 Ways to Build a Resilient Team
At work, employees often have to navigate stress, face adversity, and adapt on the fly. *This is especially true in public practice where demands arrive from all directions. The capacity to recover quickly from these physical, mental, and emotional pressures is called resilience. But just what is resilience, and why is resilience so important at work? An article from Maple delves into this question and provides five practical ideas on building resilience with your team.
READ ARTICLE HERE
Demystifying the New Quality Management Standards FREE Information Session - May 9
Lock in your spot… still time to register!!!
RESERVE YOUR SEAT AND REGISTER FOR THE MAY 9TH WEBINAR HERE
A new suite of quality management standards has been issued and is expected to have a significant impact on your practice. CSQM 1 applies to both assurance and other related services and it is critical for practitioners to be aware of the requirements in order to be prepared for the upcoming changes.
Do you know what the requirements are? Do you want to get a head start on what to be thinking about? Want to start developing your action plan?
Join me for a free session on the new quality management standards on May 9 at 1:30 pm CDT.
REGISTER FOR THE FREE CSQM 1 SESSION HERE
Whether you are firm that provides assurance engagements and haven’t yet implemented the standards or you are a firm that performs compilation engagements and want to learn more, this session is for you.
Bonus… counts as an hour of verifiable CPD.
2023 CSQM 1 Implementation Workshops
For firms that provide compilation engagements only, the effective date for the design and implementation of your system of quality management standards is December 15, 2023. The deadline for firms that perform assurance engagements was December 15, 2022.
It is estimated the time to implement can be upwards of 100 hours.
I have a solution for you… no matter where you are in the process.
As I did throughout 2022, I will be holding workshops to help you design and implement your system of quality management in ONE DAY. I am finalizing all 2023 dates (the first one will be in June with many offerings throughout fall).
Stay tuned for 2023 Workshop details.
If you want details sooner, just respond to this email and I will contact you.
As they say… time flies when you are having fun. And wow, am I having fun!!!
I am so grateful for my clients from coast to coast who have put their trust in me to help them save time and achieve peace of mind. I thank each and every one of you. I look forward to the upcoming year and have many ideas that I want to put into place.
Here to the next seven years and beyond. Reach out any time. I am here to support you.
Best regards,
Kirsten S. Albo, FCPA, FCA
President