July 2024
Greetings,
Since many of us (including me) take vacation in the last month of summer, I am keeping this month’s update very light. You can get back into things in September but for now, refresh and reenergize. You deserve it. Read on…
Technical Updates on the Horizon
There is nothing imminent that you need to deal with. Auditing standards continue to evolve but the other standards are at a quiet place for now. In future months, I will provide details on…
Audits:
- Exposure draft CAS 240 Auditor’s Responsibilities Related to Fraud
- Exposure draft CAS 570 Going Concern
- Exposure draft CAS 500 Audit Evidence
- Activities related to auditing less complex entities
Other standards:
- Nothing new related to review engagements (CSRE 2400) or compilation engagements (CSRS 4200) except for changes related to CSQM 1 implementation
- Expected exposure draft on future-oriented financial information
CSQM 1:
- Next steps on Monitoring, Remediating and Evaluating
Accounting standards:
- Exposure draft on insurance contracts with cash surrender value
- Reach out for exposure draft on subsequent measurement of goodwill
- Revenue recognition updates
- Financial statement concepts discussions
Stay tuned for all this plus more!!!
Fun Things to Do in Summer
Need inspiration for summer fun? Check out this ultimate summer list and see how many you can cross off before Labor Day hits. I am going for as many as I can… especially the “Just Because” category.
CPD Planning
Now is a good time to start to think about fall CPD planning. What are you doing for your firm? If interested in a tailored PD session for your firm, reach out. I am booking days well into fall. And, of course, there is always the ASK KSA on-line on demand sessions you can check out at any time.
CHECK OUT ASK KSA PD COURSES HERE
Fall is going to be busy. You will see me popping up at a few events across the country. I am a panelist in a recorded session for the CPA Canada The ONE Conference on the impact of the CAS 240 Fraud Exposure Draft in September. I am a presenter at the CPA Ontario Small and Medium Practitioners Conference in October. I am a guest speaker for a group of firms in Alberta as well as presenting many CPA courses for virtually all the provinces.
But first… holidays!!! My husband and I are going to Ireland for a two-week golf trip. I think my lessons, new clubs, and lots of practicing, along with playing quite a few games already, will pay off. I am half Irish from my mom’s side, so I feel like I am heading home. I can’t wait.
Happy summer to you as we head into a long weekend. Remember, reach out any time. I am always here to help you save time and achieve peace of mind.
Best regards,
Kirsten S. Albo, FCPA, FCA
President