ASK KSA Pro Tips: Basis of Accounting
The new compilation standard requires a basis of accounting note in the financial information. The question on most practitioner’s mind is where to start and what to include?
Is your head spinning? Are you frustrated there are no examples in the standard? Are you trying to figure it all out?
#ASKKSAPRoTips will help you have a solid understanding of the basis of accounting note including helping you to:
Appreciate the requirements
Learn where to start
React to changes
For further practical assistance, real-life examples and guidance on requirements of the new compilation standard, take the ASK KSA PD on demand verifiable CDP session: Path To Implementation: CSRS 4200.
ASK KSA Pro Tips: Efficient File Reviews
File reviews. They have to take place but where do you start? What do you look for in order to not miss a critical issue? How can you be efficient and not spin your wheels?
In performing a file review, you don’t want to miss anything, nor waste time, and therefore a file review strategy is essential. We have ideas for you!
Check out #ASKKSAProTips to develop a practical file review strategy to save time and help you be effective and less likely to miss a critical issue. Ideas include:
Setting aside time and minimizing distractions
Starting and finishing with the financial statements
Following a process to meet the reperformance standard
Giving and clearing review notes
For further practical assistance, real-life examples and guidance on file review strategies, take the ASK KSA PD on demand verifiable CPD session: Efficient File Reviews.
ASK KSA Pro Tips: Minimizing Practice Inspection Comments
How many times have you read your practice inspection report and been frustrated at the point raised? You know you know better!
There are always going to be findings raised in a practice inspection report… a given in our profession. The challenge is finding the balance between too many findings and no findings at all.
#ASKKAPRoTips provide you a handful of simple yet effective ideas to help you minimize practice inspection comments. By the end of this video, you will have file implementation tips including:
Holding team planning meetings
Performing unpredictability procedures
Communicating and documenting
For further practical assistance, real-life examples and guidance on minimizing practice inspection comments, take the ASK KSA PD on demand verifiable CDP sessions:
ASK KSA Pro Tips: Save Time on Audit Engagements
Heading into busy season? Frustrated how long audits seem to take?
Want ideas on how to save time?
This time of year is hectic and it is challenging to juggle all that needs to get done. I know when I was performing year-end audits, I sometimes wished there was a magic wand I could wave to just get it all done. While that magic wand does not exist, there are steps you can take to ensure you are effective and efficient in performing audit engagements.
Check out #ASKKSAProTips for tactics in how to save time in audit engagements. Ideas include:
- Set the right level of materiality
- Make use of preliminary and final analytics
- Share information in your team planning meeting
- Link control environment to audit procedures to drive efficiencies
- Re-evaluate your audit approach
- Use the CAS standards to your advantage
Implementing these strategies will help you save time on your engagements. The best part is these tips will all also strengthen the quality of your audit engagements. That is a big win.
For practical assistance, real-life examples and guidance, check out the ASK KSA PD on demand verifiable CPD session: Audit Hot Topics.
ASK KSA Pro Tips: Professional Skepticism
Being in public practice means we have a responsibility to maintain an attitude of professional skepticism. The challenge is there is lot of theory on this topic but little practical guidance.
I often hear from practitioners I work with: How am I supposed to maintain an attitude of professional skepticism? Am I not supposed to trust my clients? What am I supposed to document?
#ASKKSAProTips answers these, and other, questions. It starts with the right frame of mind. This means that even though we like our clients, we put aside out past experience of honesty and integrity with them and critically assess what we see and hear.
Other strategies to maintaining an attitude of professional skepticism to help you be an effective and efficient practitioner include:
- Maintain a questioning mindset
- Be aware of your biases to help overcome them
- Postpone making decisions until you have all the information
- Use professional judgement and past experience
- Document both confirming and contradictory evidence
Professional skepticism is a powerful tool so use it. And, in all cases, trust your instincts. If something does not seem right, it probably isn’t. Follow up until you are satisfied.
For practical assistance, real-life examples and guidance take the ASK KSA PD on demand verifiable CPD session: Professional Skepticism.