June 2021 Update

Greetings,

As I sit and reflect on this month’s update, I can’t believe we are half way through the year. Time moves quickly when one is busy, and busy we are. Summer is a time to plan, refresh and establish priorities. This month’s topics will help you do that with reminders of upcoming standards as well as tips to help you unwind and focus. Read on…

Preparing for CSRS 4200: Compilation Engagements

The new Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements, comes into effect this year, with potentially significant impacts for practitioners. If you haven’t started your implementation process, the time to start is now. CPA Canada has a number of resources to help you understand the changes and get started. Check out details of the ASK KSA PD course on this topic to further help you implement the standard in an efficient and effective manner (see below). 

ACCESS CPA CANADA RESOURCES HERE

Canadian Standards on Quality Management

Over the next while you will see lots of information from me about the recently approved Canadian Standards on Quality Management. They are substantially effective December 2022 and while this is some time away, time will pass quickly. The International Auditing and Assurance Standards Board (IAASB) released two guides to help practitioners implement their suite of quality management standards. The guides are a good start in understanding the requirements of the standard and implement them in an efficient and effective manner. 

ACCESS IMPLEMENTATION GUIDE HERE

The Accountant’s Survival Trap: 10 Ways to Escape

Busy season should have a beginning and and end but it seems these days it is a constant. There is a myth that things will die down and we will be able to complete the projects we have been putting aside. This myth explains the survival trap says Chase Birky of Accounting Today. He states it takes a concerted effort to get out of the trap and provides 10 practical tips to help you escape.

READ ARTICLE HERE

Untouchable Days to Increase Productivity

We are busy these days and it can be a challenging to get things done. Establishing priorities, creating a new service offering or preparing for upcoming standards, we need time to plan. When you’re doing deep creative work, meetings can disrupt your flow and decrease your productivity. Neil Pasricha has one solution. That’s why you need to schedule one “Untouchable Day” per week, where nothing can interrupt you — no texts, no e-mails, no phone calls, and absolutely no meetings.

READ ARTICLE HERE

Top Skills for the Accounting Profession

In a world and profession that is becoming more digital, computerized, and automated, soft skills are becoming increasingly important. In fact, in a recent survey reported by the Society for Human Resource Management, 97% of employers stated soft skills were either as important or more important than hard skills. An article in the Journal of Accountancy outlined four soft skills that are prominent. What are the skills you have? What are the skills you want to develop further? 

READ ARTICLE HERE

Path to Implementation: CSRS 4200

ASK KSA PD

Further to the CPA Canada resources, ASK KSA PD offers a practical course that may be of interest as you determine your firm’s implementation plan. This course is unique as it focuses on application and implementation methodologies, not only technical requirements. It is practical in its approach and will help ensure practitioners implement the standard in an efficient and effective manner. Participants will develop an implementation action plan using the template provided as a course resource. Check it out. 

ASK KSA PD: Path to Implementation CSRS 4200

While it is important to plan for the upcoming year and set business priorities, it is also important to take time to refresh. This long weekend, my plan is to golf, hang out in the backyard and relax with my family. Nothing better in my opinion. I hope that whatever you decide to do this long weekend, it is enjoyable for you. There is always work and when there is, I am there to help you as needed. But in the meantime, just enjoy the beautiful summer weather. 

Best regards,
Kirsten S. Albo, FCPA, FCA
President
1.204.228.2529