FAQ

Click on any of the questions below for answers about ASK KSA Consulting Inc. and what we offer.

In the Manitoba market, there is no other company offering independent review and consulting services. Until now, consultation and monitoring services are typically performed on a peer to peer basis which is not always the best solution. When dealing with someone from outside your own firm, you may not always want to share the complete picture to either maintain a competitive advantage or to protect the interests of your clients.

We are a completely independent as we do not provide any assurance services to clients. Our company provides a completely independent and unbiased view. This gives you comfort as any information you share will be kept completely private.

There are many situations where an independent advisor may be used.
One area is related to quality control requirements. Monitoring and cyclical file reviews are required by CSQC 1. It can be challenging to find a qualified professional to perform this task; an independent consultant provides an unbiased view and keeps your firm’s confidences.

Another motivation to use an advisor is the requirement for an engagement quality control review. As a smaller firm, you may not have another partner with the required expertise to provide the support you need. An experienced, independent advisor can provide the advice and guidance you required.

Another common reason is a knowledge or experience gap where your firm might encounter a situation that it cannot address on its own. This may due to limited familiarity of a process, a particular industry, or coming across a complex accounting or auditing situation. An independent advisor who has “been there, done that” can be a valuable resource. An experienced advisor has the capability to understand what is required to move to the next step in turn, providing quicker resolution of issues.

Having an independent consultant is like adding an experienced member to your team.

As an assurance partner of a national public accounting firm I acquired a very strong technical background while at the same time, the soft skills required to deal with key decision makers at my clients. My clients included public, private and not-for-profit companies in many different industries. This diversified experience has provided the opportunity to encounter many different issues in all areas of business. I have had to deal with, and resolve, a lot of unusual issues related to both auditing and accounting as well as other operational matters. There are very few situations which I have not encountered.

We definitely have had this experience and know these are not necessarily fun to experience. As an assurance partner with a national public accounting firm, I have personally been subject to many different reviews and inspections. I have had engagements that not only had to pass the practice inspections performed by CPA Manitoba but also internal firm reviews along with both CPAB and PCOAB inspections. The latter of which are the most challenging of all. I know what it is like to be in your shoes during one of these inspections; I also know what work needs to be performed and documented to minimize the risk of a significant deficiency.

Due to our experience and background in the public accounting arena, we have a wide network of resources upon which we can draw on when needed. This is also the benefit of an independent advisor. Any consultation can be on a no-names basis, and in most cases, that is most likely preferable.

If there is a question that needs to be researched and answered, we will consult and help you find that answer to help your firm make informed decisions.

Consultation and documentation of such consultations is an easy way to address audit quality. Often because a firm does not know who to turn to, firms do not consult when a complex situation, such as a complicated accounting issue that requires a lot of judgment, is encountered. An experienced advisor can provide an unbiased view of the facts to assist the firm in arriving at an appropriate decision.

One significant mistake we see firms make is not making use of current tools and templates. They continue to use old templates which can be out of date which in turn do not meet current standards. Or in an attempt to keep up-to-date, old templates are cobbled together with add-ons from the new standards making the assurance engagements more onerous.

One approach leads to the possibility of significant deficiencies being identified during a practice inspection and the other leads to engagements being much less efficient and effective than they should be. Neither is a good situation.

When it comes to assurance engagements, there is a standard approach that should be followed. Canadian Auditing and Other Standards have very specific requirements in the areas of planning, execution and completion to ensure the appropriate report is issued. Tailoring to the size of the engagement can always take place but the standards must still be met.

However, when it comes to our approach to assisting you, there is no standard approach. It is recognized that each situation is different and therefore our approach is always adapted to meet the individual circumstances. We ensure that we listen to you to understand your needs and deliver what you require.

We have a customized approach and are willing to work with you in whatever capacity you need. We are happy to talk to you to determine what specific service you require and we will work with you to meet your objectives.

Our philosophy is to deliver value to our clients in all that we do. We are recognized for setting high standards without ever sacrificing quality. We also believe in building strong relationships to achieve results. And, we like to have fun along the way.