March 2021 Update

Until today, it felt like spring had arrived but alas, Mother Nature had a different thought and dumped a lot of snow on us here in Manitoba. Oh well, maybe it is her way of recognizing how busy we are and doesn’t want us to lose focus on getting things done. From the many practitioners I have talked to over the past month, the story is the same: this is normally a busy time of year and is even more so now with everything else going on. This month I am keeping the update short and only focusing on a few topics. Read on…

Preparing for CSRS 4200

The new compilation standard is effective for periods ending on or after December 15, 2021 (that is, the end of this year). You have time to consider implications for your clients and the impact on engagements however there are a number of activities you can undertake as you work through the next few months to help implementation be effective and efficient. CPA Canada issued a blog that summarizes the requirements of the new standard and outlines steps you can take now to get started. 


COVID-19:  Resources Related to Reporting and Audit

COVID-19 is not over and its related impact continues. As a reminder, CPA Canada has compiled a summary of resources to help auditors understand the potential financial reporting, audit and practice management implications.  


That’s a Good One.  Write It Down. 

I recently published an article on LinkedIn related to the power of writing something down to remember it later. During the process of researching information for my upcoming ASK KSA PD on demand CPD, the benefit of writing things down and jumped out at me. This is an important aspect in performing all engagements and from start to finish, writing things down is beneficial every step of the way. It helps you get going, provides focus, allows for reflection and helps you remember after the fact.


Staff Performance Evaluation in a Virtual Environment 

The balance of working from home and returning to the office has raised an important issues – how to evaluate staff in a virtual environment.  The work that staff is doing now provides the basis for their annual evaluations and it is important to take notes. Staff performance evaluations are essential to assess contribution to the firm, motivate staff, promote, recognition and improve communication. When it comes time to delivering staff evaluations, it is different in a virtual environment than in person. An article by IFAC highlights many factors to think about along with providing ideas about upcoming trends in a hybrid office model.  


ASK KSA Professional Development Initiative

This is the time of year I take on other projects since practitioners are busy and monitoring and file inspections are the last thing on their minds.  As mentioned in my last month’s update, I am developing ASK KSA PD online courses that will be available on demand. I am very excited about this initiative and have lots coming for you. Stay tuned for further updates.

CPD Reporting 

Don’t forget provincial CPD reporting requirements due at the end of this month. 


Happy Easter.  I hope you have time to take a bit of time off and enjoy the upcoming weekend. Please feel to reach out at anytime with any questions you may have as you work on your current engagements. I am here to help you save time and achieve peace of mind.

Best regards,
Kirsten S. Albo, FCPA, FCA