May 2025
Greetings,
Welcome to this month’s newsletter, your go-to resource for practical insights, timely reminders and ideas to support quality and efficiency in your engagements. As we near the midpoint of the year, it’s a great time to pause and reflect on what’s working, identify areas for improvement and take a moment to recalibrate. As you read this month’s update, you will quickly see there are no real technical updates, so this issue focuses on strengthening both your engagement files and your firm overall, with practical ideas you can put into action today. Read on…
No Technical News is Good News
Or maybe not “good news” per se but rather an opportunity to catch up. There are no significant new technical updates to report this month that haven’t already been covered in recent editions. Over the last few months, we’ve discussed key developments including:
- Revised Group Audit Standard (CAS 600) now effective
- Updates and reminders around CSQM 1 implementation and monitoring
- Practical guidance for review engagements under CSRE 2400, especially around inquiry, analytical procedures, and documentation expectations
- A continued focus on auditor responses to assessed risks (CAS 330) and audit evidence (CAS 500), including implications for inventory procedures and risk documentation
- Expected June approval of Auditor’s Responsibilities Related to Fraud (Revised CAS 240) and Going Concern (Revised CAS 570)
- A few accounting standards changes but nothing substantial
While we anticipate additional updates in the coming months, this is a good time to take a breath. With no new changes this month, it’s an ideal opportunity to focus on strengthening existing engagement file, applying the guidance and reminders we’ve already shared to help ensure files are efficient, well-supported and engagement-ready.
If you want to check out details of projects for yourself, you can always check out the FRAS Canada site for Auditing Standards Updates, Other Standards Updates, ASPE Updates, ASNPO Updates, PSAS Updates and IFRS Updates.
15 Smart Strategies to Manage Your Firm
Since you have time to plan right now, I thought it might be helpful to find a few articles about managing your firm from a business perspective, not a technical perspective. This first article is very helpful in making the mindset shift from accountant to business owner. It’s easy to feel like you’re constantly up against deadlines, and your business operations and growth gets pushed aside in favor of focusing on your clients. Don’t fret, here are some best practices that help you to invest your attention and time.
Managing A Professional Firm
This second article discusses the necessity of evolving your practice to meet modern demands. The article is actually written for law firms but when you read its prinicples you can very quickly realize how easy it is to replace “law firm” with “public practice firm”. The author highlights the importance of changing operational methods, improving client communication, embracing technology, and moving away from traditional billing practices. Strong leadership and strategic planning are emphasized as crucial for integrating these changes effectively.
Proven Strategies and Frameworks for Managing Your Firm
One final article, and this one is actually my favourite. This resource provides nine strategies to efficiently manage an accounting firm. It includes recruiting the right team, setting rates that reward efficiency, proactively adopting technology, preventing bottlenecks through workflow automation, and encouraging feedback from clients and employees. The article serves as a guide for building a scalable and client-focused firm.
Keep CPD Top of Mind
It is always good to obtain your CPD hours throughout the year rather all at once at the end of the year. One way to obtain verifiable CPD hours, and keep up-to-date is listening to the various free webinars that FRAS Canada offers throughout the year.
Here are a few links to ones you may want to listen to…
- Domestic Standards Accounting Update (Fall 2024)
- Domestic Standards Accounting Update (Spring 2025) Note: This webinar just took place so the recorded session will be up shortly.
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While technical changes have been quiet this month, there’s plenty of opportunity to invest in continuous improvement, from sharpening team communication to reviewing your practice management processes. Next month I believe the AASB will approve both CAS 240 and CAS 570. Additionally, our second AASB meeting on Audit Evidence and Risk Responses (CAS 330 and CAS 500) is scheduled for next week. With all that, I will have lots of updates for you next month. And, we will continue to bring you fresh updates and resources in the months ahead. Until then, remember I am always here to help you achieve peace of mind and save time. Reach out any time.
Best regards,
Kirsten S. Albo, FCPA, FCA
President