October 2022

Greetings,

October sure went by fast!! This month’s update continue to focus on imminent standards changes. CSQM 1 and Revised CAS 315. As time ticks on to their effective dates, we can’t let our foot off the gas pedal. Project management to implementation is key. Read on…

IAASB Revised CAS 315 Implementation Guidance

Most likely you are starting to make changes to your audit template files as a result of the upcoming changes due to Revised CAS 315… Effective for audits of financial statements for periods beginning on or after December 15, 2021 (that is, December 2022 year ends). This Guide from the IAASB is helpful as it focuses on the more substantial changes that were made. It refers to ISA 315 but as that is the same as CAS 315, it will help stakeholders understand and apply the revised standard as intended. I found the explanation of paragraph 315.26 related to control activities very helpful in understanding the requirements.

DOWNLOAD THE IMPLEMENTATION GUIDE HERE

PEG CAS 315 Updates - Still Taking Place

Updates to PEG were made earlier in the year as a result of the changes in CAS 315. It is important to note that changes to practice aids are still being made as late as this month. If you have previously downloaded the series of practice aids (currently in a separate module on Knotia), make sure you are using the most recent versions. The updated forms are soon to be available on Knotia… We are waiting for them to be integrated into CaseWare or Jazzit forms. Stay tuned… I will keep you updated.

CSQM 1 (ISQM 1) Implementation Guidance

IFAC has released its first installment of a three-part publication series to help small- and medium-sized practices implement the new quality management standards. The suite of quality management standards come into effect on December 15, 2022.

Installment One: It is time to get ready for the new quality management standards addresses the mindset change the new standards require and the shift in focus from quality control to quality management. As there are only minor amendments between ISQM and CSQM, you can read this to help you get going. You may also want to join in on my free live CSQM 1 Implementation Blueprint webinar next week. Details in PD Section below.

READ INSTALLMENT ONE HERE

How to Keep Working When You're Just Not Feeling It

I’ll be the first to admit it… It is very busy these days and there is a lot to get done. Some days it is hard to get going, even though you know you need to. The author of this article has identified some simple tactics to help your motivation. The one is working the best for me right now, is breaking objectives into subgoals, the tasks seem much more manageable then. What tips work for your?

READ ARTICLE HERE

The Surprising Power of Questions

Asking questions is a uniquely powerful tool for unlocking value in organizations: It spurs learning and the exchange of ideas, it fuels innovation and performance improvement, it builds rapport and trust among team members. And in our profession, it is the underlying foundation of maintaining an attitude of professional skepticism.

We need to think of questioning as a skill that can be honed… By asking questions, we naturally improve our emotional intelligence, which in turn makes us better questioners—a virtuous cycle. The authors of this article draw on insights from behavioral science research to explore how the way we frame questions and choose to answer our counterparts can influence the outcome of conversations.

READ ARTICLE HERE

AcSB Accounting Update Webinar - November 7

The Accounting Standards Board is hosting a webinar on November 7. Learn more about current accounting standards projects and recent amendments for ASPE, ASNPO and pension plans. It is important to stay up to date and this is a good way to do so. Qualifies for verifiable CPD (and it’s free!!).

REGISTER FOR AcSB WEBINAR HERE

Reach out any time with questions. I am here to help as needed. In the meantime, Happy Halloween.

Best regards,

Kirsten S. Albo, FCPA, FCA