March 2024
Greetings,
The first day of spring arrived this month and with it a few interesting topics to help keep you up-to-date and on top of your game. Read on…
2024 Annual Fraud Report
The 2024 Association of Certified Fraud Examiners (ACFE) Report to the Nations has just been released. If you don’t know what I am referring to you should!!! This annual fraud report is a valuable resource to auditors, not to mention incredibly interesting and definitely worth delving into. The report specifically does two things for practitioners… It helps to understand the risks of fraud and, helps to have better conversations with their clients about fraud.
How many times has a pracitioner asked their client about fraud and the response is “not at MY organization”. Well, the stats prove them wrong. It does happen… at ALL organizations.
Check out my recent LinkedIn post highlighting significant aspects of the report that caught my attention
DOWNLOAD THE 2024 ACFE REPORT HERE
Revised CAS 240 Exposure Draft Issued
The IAASB issued an Exposure Draft of International Standard on Auditing (ISA) 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, and the related conforming and consequential amendments. In conjunction with this, the AASB plans, subject to comments received following exposure, to adopt proposed ISA 240 (Revised) and the proposed conforming and consequential amendments to other ISAs. The result would be revised respective Canadian Auditing Standards (CASs).
As always, the AASB wants to hear from you. Share your feedback on this Exposure Draft and help to influence the international standard. The comment period is open until May 6, 2024.
READ CAS 240 EXPOSURE DRAFT HERE
There is also a roundtable session where you can express your views. REGISTER HERE FOR THE DISCUSSION on April 9.
In conjunction with the Exposure Draft, the AASB has published a “How do these changes impact me? : summary. Learn how the changes impact you as a practitioner.
How to Express Emotions at Work
Busy season can be overwhelming at times and while it is important to get things done, it is more important to maintain a healthy state of mind. Over the years, the dial has shifted on showing emotions at work. It used to be that showing email at work was considered unprofessional or a sign of weakness but the thinking has now changed and it is recognized showing emotion is healthy. However, the challenge is to strike the right emotional balance. In a fascinating article from CPA Australia’s In the Black explores “uncomfortable” emotions in the workplace and how they can actually help build a strong culture.
READ ARTICLE HERE
An Introvert’s Guide to Visibility in the Workplace
In last month’s update, I included a link to an article how accountant’s can master the art of public speaking. This month I continue with the idea of being visible in the workplace. Some of us (me!) can easily jump onto the stage and claim the limelight (why do you think I love instructing so much, lol). For others, it can be a challenge to step out of your comfort zone.
However, visibility in the workplace isn’t nice to have, it’s a necessity. Another great article from HBR shows that being seen and recognized for your work can open doors to new opportunities, but it doesn’t have to come at the cost of becoming someone you’re not. Even as an introvert, you can find ways to play to your strengths. In this article, the author outlines five strategies to boost your visibility: 1) Speak up early in meetings. 2) Take the pressure off. 3) Ditch self-deprecation. 4) Leverage async methods of communication. 5) Show gratitude.
READ HBR ARTICLE HERE
Annual CPD Reporting Deadlines Approaching (or Passed)
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.
May 9 CSQM 1 Implementation Workshop Details
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
I wish everyone a Happy Easter… and/or a nice long weekend. Take the time to spend time with your family and enjoy a bit of nature. Remembering to prioritize special moments and breathe in the fresh air amidst the hustle and bustle of work is important for our well-being.
Reach out any time. I am always here to assist you and help you achieve peace of mind.
Best regards,
Kirsten S. Albo, FCPA, FCA
President