July 2022

Greetings,

As you know each month I send out valuable information about what you need to know. The topics provide extensive detail on technical information regarding upcoming or recent standards changes, guidance and tips on practice management and professional development information. And, while these topics are important I also want to recognize it it summer, and summers in Canada are short. 

There are times in the year when you need to recharge. That means it is not time to think about all the work that needs to be done in the rest of 2022 just yet. So this month’s update is different. Only a brief reminder of technical information, but, the main focus is on you. Read on…

Overview of only a few topics

No details, just reminders of what you can put to the back burner for the next while while you recharge:

  • Revised CAS 315 Identifying and Assessing the Risk of Material Misstatement: Effective for audits of financial statements for periods beginning on or after December 15, 2021. This should definitely be a fall agenda item. The new PEG forms have been released and will need to be updated in your audit template files. I will providing guidance on this in upcoming months. 
  • CSQM 1 Canadian Standard on Quality Management: The effective date for the design and implementation of your system of quality management for audit and assurance engagements is by December 15, 2022. Another fall project. Lots of information to follow shortly. We have a proven methodology using our SQM Toolkit Database that allows you to design your system in just over ONE day. Workshop details being launched next week. 
  • Revised CAS 600: Group Audits: This section is now in the handbook. Effective for audits of financial statements for periods beginning on or after December 15, 2023. You have lots of time to implement these changes. 
  • Section 3041 Agriculture: Applies to annual financial statements beginning on or after January 1, 2022. Upcoming year ends. In fall should discuss with your clients as changes could be significant for some, but not all. 
  • Section 3400 Revenue: The amendments apply to annual financial statements beginning on or after January 1, 2022. The revisions provided clarity in a number of area; significant impact on your clients is not expected, but could occur, especially related to percentage of completion.  

There are other changes but these do not have to be on your radar quite yet. I’ll keep you posted. For now, just relax. 

Fun Things to Do This Summer

Summer is time to relax with your family and enjoy the sun and the company! What are your Grand plans to have fun this summer? Here are some idea to check out if you’re looking for a full summer with lots of memories and activities!

8 FUN THINGS TO DO IN SUMMER AS A FAMILY

35 FUN THINGS TO DO THIS SUMMER TO MAKE IT THE BEST ONE YET

SUMMER BUCKET LIST ACTIVITIES: 80 THINGS TO DO THIS SUNNY SEASON

Re-Energize Your Team

Your team may also need to be re-energized. When there’s an energy gap among your people, it’s up to you the leader to set the tone for the level of energy that is expected. You have to exude the kind of energy you want to see. Here are a few tips to get your team more energized for better days ahead. 

7 WAYS TO RE-ENERGIZE YOUR TEAM

12 WAYS TO KEEP YOUR TEAM (AND YOURSELF) ENERGIZED

I hope you have a wonderful long weekend. What are your plans? Mine are to golf a few times then hang out with my amazing granddaughter and the rest of my family. I know the fall will be busy so taking this moment to relax. Don’t worry, I’ve got you covered with all that is to come. In the meantime, here’s to a wonderful summer for you and your loves ones!

Best regards,

Kirsten S. Albo, FCPA, FCA