February 2023
Greetings,
February is the shortest month of the year… thank heavens it has been the coldest month too in my neck of the woods. That is okay however as it has been a busy month, both from a professional perspective and a personal perspective. There is not much new right now but rather reminders on what you need to know as you work through your engagements over the next few months. Read on…
The "New" Compilation Standard... How are you Managing?
Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements became effective for compiled financial information for periods ending on or after December 14, 2021 and we are well into the second cycle of completing engagements under these standards. CPA Canada recently issued a blog on implementation lessons learned so far. Inspiration for this blog article came out of discussions with provincial practice inspectors on what they are seeing in their inspections of compilation engagements over the last several months. Reflecting on these inspection insights, this blog shares a few practical reminders that may help practitioners effectively and efficiently apply CSRS 4200.
Joint Policy Statement between Auditors and Actuaries
A new joint policy statement between auditors and actuaries is effective for communications initiated on or after March 31, 2023. CPA Canada has issued an Audit and Assurance Alert to raise awareness about the Joint Policy Statement Concerning Communications between Actuaries Involved in the Preparation of Financial Statements and Auditors (JPS). The JPS is included as an appendix to Canadian Auditing Standard (CAS) 500, Audit Evidence in the CPA Canada Handbook – Assurance. The alert will help you understand the changes you can expect to see and how those changes may impact communications between auditors and actuaries.
PEG Training Videos
CAS 315 is now effective and there are a whole bunch of new forms to help meet the requirements of the revised standard. CPA Canada just announced the release of the first of a series of training videos… Form 520 Identifying and Assessing the Risk of Material Misstatement. This 17-minute video walks through Form 520 including its objective, guidance on identifying risks and a case study on completing the form.
The PEG Tutorial Video series are a part of your PEG subscription and can be found on Knotia under the “PEG TUTORIAL VIDEOS” section in the Table of Contents.
How to Talk About Your Feelings
Feelings? What are you talking about is probably the first thought that comes to mind when you read the heading. Many of us find it difficult to talk about our feelings. We are supposed to be “professional” and we are. But being professional should not prevent us from sharing, especially now in busy season when many are feeling a lot of pressure to get things done.
The article from Chartered Accountants Ireland Thrive Wellbeing Hub includes simple and practical tips that anyone can employ to help them, or others, open up about how they feel. They say the old adage that “a problem shared is a problem halved” really does stand true.
CPD Reporting Deadline
The Continuing Professional Development is around the corner. For some provinces the deadline is March 1 and for others it is March 31 or April 1. Make sure you know your province’s deadline and submit your hours.
The requirements are basically the same across the country. The annual requirement is for a member to complete a minimum of 20 hours of CPD, including a minimum of 10 hours of verifiable learning activities. Over a three year period (3-year rolling cycle), a member shall complete a minimum of 120 hours of CPD, including a minimum of 60 verifiable learning hours which shall include a minimum of 4 verifiable hours in professional ethics.
If you are ever looking for verifiable CPD, don’t forget to check out ASK KSA PROFESSIONAL DEVELOPMENT for online on demand sessions.
I know it is heads down for the next few months, but be sure to take care of yourselves as well. Take a break, call your mom or dad, visit with your kids, go for coffee with your friends and give your spouse a hug. It is important to remember that work is work but there are other more important things in life. A few things over this past month have reminded me how precious life is, and I never want to forget that.
Remember, I am here to help. Reach out anytime.
Best regards,
Kirsten S. Albo, FCPA, FCA
President