March has come and gone very quickly. Only a few brief topics this month as for most, it is heads down to get the work done. The topics will help you be more efficient and manage stress as you get through the next month. As well, one topic on CSQM 1 for those who have to start thinking about it later this year. Read on…
CSRS 4200 Findings
Over the last several months, inspections of compilation engagements across Canada have highlighted some significant deficiencies in the application of the new Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements. As you are preparing your compilation engagements, make sure you are onside and do not have deficiencies in your engagements. Knowing what others are doing helps strengthen your own engagements.
Accounting for Investments
Accounting for investments under Accounting Standards for Private Enterprises (ASPE) can be complex. Different types of investments exist and several accounting policy choices are available. CPA Canada has issued an updated briefing helps simplify the accounting for investments. It is very helpful in walking through the various types of investments and their accounting treatment. The Briefing covers:
Section 1591, Subsidiaries
Section 3051, Investments
Section 3056, Interests in Joint Arrangements
Demystifying the New Quality Management Standards
FREE Information Session
A new suite of quality management standards has been issued and is expected to have a significant impact on your practice. CSQM 1 applies to both assurance and other related services and it is critical for practitioners to be aware of the requirements in order to be prepared for the upcoming changes.
Most firms that perform assurance engagements have (or should have!) implemented the requirements of CSQM 1. For firms that provide compilation engagements only, you will want to start thinking about this as your deadline for the design and implementation of your system of quality management standards is December 15, 2023. The deadline for firms that perform assurance engagements was December 15, 2022.
Do you know what the requirements are? Do you want to get a head start on what to be thinking about? Want to start developing your action plan?
Join me for a free session on the new quality management standards on May 9 at 1:30 pm CDT.
Whether you are firm that provides assurance engagements and haven’t yet implemented the standards or you are a firm that performs compilation engagements and want to learn more, this session is for you.
Business decisions are required to develop and implement a system of quality management in accordance with the new standards. This overview session will help practitioners get started in understanding the standards and its implications. And bonus… counts as an hour of verifiable CPD.
CPD Reporting Deadline
The Continuing Professional Development is here. Have you submitted your hours? You don’t want to incur unnecessary fines by not reporting.
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 expect the next month to be very busy for all firms. April can be crazy but remember I am always here to help as needed. Reach out any time.
Kirsten S. Albo, FCPA, FCA