August 2024
Greetings,
As we move into August, it’s time to start gearing up for the fall season. In this update, you will find a link to the audit and review reporting implications guide, two publications that are very handy to have on hand. Additionally, we explore some best practices in practice management, related to client communication and time management. Don’t miss the section on professional development opportunities, where we highlight upcoming webinars and training sessions to help you stay ahead in a rapidly evolving field. Read on…
Auditor Reporting Guide: Reporting Implications
Have you ever asked yourself… what am I supposed to say in a qualified auditor’s report? How should I word my scope limitation? What should I write for the emphasis of matter paragraph? There is an excellent guide from CPA Canada that answers all these questions, and more.
The purpose of this publication is to promote consistency in the form and content of practitioners’ reports by providing guidance with respect to commonly occurring circumstances. The guide includes series of issues presented in Q&A format and many (many!) illustrative reports.
You will not “read” this publication per se but keep it handy as a resource.
DOWNLOAD AUDITOR REPORT GUIDE HERE
Reporting Implications of CSRE 2400
Just as there is the reporting guide for audits, there is the exact same thing for review engagements. Keep this publication handy to answer all your questions related to a review engagement report. Again, guidance in the form of Q&A along with illustrative reports.
DOWNLOAD REVIEW REPORTING GUIDE HERE
Audit client briefing: CAS 600, What Group Management Needs to Know
Canadian Auditing Standard (CAS) 600, Special considerations — audits of group financial statements (including the work of component auditors), was issued into the CPA Canada Handbook – Assurance in August 2022 and is effective for audits of financial statements for periods beginning on or after December 15, 2023. The briefing by CPA Canada contains questions directed to client management that are intended to help group auditors explain to their clients that effective interaction among all participants remains critical to ensuring a high-quality audit.
READ AUDIT CLIENT BRIEFING: CAS 600 HERE
Managing Time and Priorities
Managing our time and juggling clients, staff and engagements is always a challenge. This excellent article provides tips on how practitioners can effectively manage their time, especially during busy periods. It covers strategies for prioritizing tasks, balancing workloads, and avoiding burnout, making it particularly relevant for those preparing for the fall engagement season.
READ ARTICLE FROM ACCOUNTING INSIGHTS HERE
Effective Communication Strategies
Along with managing time and priorities, we must then communicate with those around us, both internally and externally. This article explores how accountants can enhance their communication skills with clients by adopting practices such as active listening, simplifying jargon, and using visual aids. It also discusses common communication barriers in the profession and how to overcome them. This can be valuable for practitioners looking to build stronger relationships with clients and improve workflow efficiency within their teams
READ ARTICLE FROM ACCOUNTING INSIGHTS HERE
Verifiable CPD
As we enter this time of year, each province is rolling out its library of course offerings, making it the perfect opportunity to plan your professional development. Take the time to carefully select courses that not only meet your licensing requirements but also align with your personal and firm goals.
In your planning, consider ASK KSA’s online, on-demand sessions, which offer the flexibility you need to fit professional development into your busy schedule. With a wide range of topics, ASK KSA ensures that earning your CPD hours is both engaging and valuable—far more than just a check-the-box exercise. The training is informative, practical, and directly applicable to your work, helping you build your knowledge to conduct effective and efficient engagements.
CHECK OUT ASK KSA PD COURSES HERE
You can also opt for an in-house session tailored specifically to your firm’s needs. If this interests you, feel free to reach out directly. I always customize courses to fit the unique nature and circumstances of your firm, ensuring the content is as relevant and impactful as possible.
Fall is going to be busy. You will see me popping up at a few events across the country. I am a panellist in a recorded session for the CPA Canada The ONE Conference on the impact of the CAS 240 Fraud Exposure Draft in September. I am a presenter at the CPA Ontario Small and Medium Practitioners Conference in October. I am a guest speaker for a group of firms in Alberta as well as presenting many CPA courses for virtually all the provinces.
As I wrap up this month’s update, I want to let you know that when you read this, I’ll be enjoying a two-week golf trip in Ireland. I hope you’re also able to take some time for yourself and recharge. When I return, I’ll be here to help you save time and achieve peace of mind as we head into the busy fall season. Enjoy the rest of your summer, and I look forward to reconnecting soon!
Best regards,
Kirsten S. Albo, FCPA, FCA
President