Greetings,
Welcome to February’s update. From updates on regulatory changes and best practices to practical tips for optimizing managing your work and communicating with clients, my goal is to give you information you need to get things done. And this month, you have the extra day to do just that!! Read on…

PSAB Exposure Draft on Tangible Capital Assets (PS 3150)

PSAB is working to implement its Government Not-for-Profit Strategy to help improve comparability and understandability of financial statements for public sector entities. This includes undertaking a review of the PS 4200 series of standards related to capital assets. As a result, they are proposing a few amendments to Section PS 3150. They have issued a brief survey to gather input on the proposals.

TAKE THE SURVEY (CLOSES APRIL 15, 2024)

IAASB Approved Fraud Exposure Draft (ISA 240)

This month the IAASB approved ISA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. Key changes include clarifying auditor’s responsibilities, emphasizing professional skepticism and increasing communication with TCWG. Why do you, as an auditor in Canada, care about an International Exposure Draft? That is because as a member of IFAC, Canada implements International Standards so we know revisions to CAS 240 are coming.

READ ISA 240 EXPOSURE DRAFT HERE

Interruption Cost: How Desk Bombing Affects Productivity

Whether they want to ask about their current task or catch up on last night’s TV cliffhanger, a work colleague who “desk bombs” could have a negative effect on office productivity. This fascinating article elaborates on how desk bombing affects productivity and provides excellent tips on how to react in a friendly and respectful, but firm way. This is helpful as we head into our busy time of year. The article also includes a short quiz to consider if you are a desk bomber!!! Worth the read.

READ THE ARTICLE HERE

How Accountants Can Master Public Speaking

Few people relish the idea of getting up to speak in front of a crowd. However, public speaking is a skill that anyone can master. As professionals, we often speak in front of small groups (think client meetings) or larger groups (think staff presentation meetings).

In an interesting and helpful article from Australia’s “In the Black” newsletter, a leadership communication expert says most fears about public speaking stem from three main concerns – a lack of confidence, a lack of clarity (or difficulty articulating ideas) and fear of losing credibility. Addressing the first two will help cancel out the third. The article goes onto provide good tips on preparing for all kinds of presentations.

READ ARTICLE HERE

Annual CPD Reporting Deadlines Approaching

Early in the year is time for CPD reporting to your provincial regulatory body. Dates vary by province. Make sure you are paying attention when you receive the notification email. You want to report on time so you don’t have to pay any penalties. A summary of requirements is:

  • Maintain 120 CPD hours over a 3-year rolling period (calendar year)
  • CPD learning activities are classified as either Verifiable or Unverifiable.
  • A minimum of 60 CPD hours over the 3-year rolling period must be Verifiable, which shall include a minimum of 4 hours of verifiable learning in professional ethics.
  • A minimum of 20 CPD hours must be reported annually, including a minimum of 10 hours of verifiable learning.

If you want to get a jump on 2024 CPD hours, don’t forget to check out ASK KSA online on-demand CPD courses. All courses are practical, engaging informative. Take what you learn and put into practice.

Your Quest for CSQM 1 Implementation Guidance Ends Here!!!

If you have not yet implemented the requirements of CSQM 1, you are not alone. I continue to hear from firms that have not yet designed and implemented their system of quality management.

Firms are asking for help and I am here for them. I have added yet another CSQM 1 Path to Implementation Workshop on May 9, 2024.

You’ll get done what would have taken you 100+ hours to accomplish. Using SQMT, you can design and implement your system of quality management in ONE DAY. A completely “done with you” approach to get your Firm in compliance with CSQM 1 requirements easily and quickly.

CHECK OUT WORKSHOP DETAILS AND REGISTER HERE

Remember, I am always here to help you save time and achieve peace of mind. Reach out any time.

From a personal perspective, leap years are always special to me. My mom passed away on February 29, 20 years ago today. This day is extra special as I take time away from work to remember her. I smile and laugh through a few tears. She was my role model and taught me so many things to help me be the person that I am today. And I thank her.

 

Best regards,

Kirsten S. Albo, FCPA, FCA

President