November 2020 Update

November 27, 2020 / Monthly Newsletter

Greetings,
Another busy month – where does the time go? As we head into the last part of the year, it is important to stay focused on what we need to get done to be prepared for the new year. One of the key action items is to remind yourself of what is upcoming. Therefore this month’s topics are limited to the near future. Reminders of revised and new standards and details of training courses to help you get ready. Read on…


CAS 540 FAQ Resource

Reminder, reminder, reminder… Revised CAS 540 Auditing Estimates is effective for upcoming December 2020 year ends. This standard will have an impact on all audit engagements, even those clients with less complex estimates. CPA Canada recently released a publication to help you with implementation. Their FAQ provides answers to common questions on the revised standard. A really good tool to help you understand implementation issues.

CAS 540 GUIDANCE


Focus on Practice Inspection Annual Report

Practice inspections are a part of our profession. I have spent a lot of time over the past year either helping firms get ready for a practice inspection or responding to their practice inspection results. The Annual Focus on Practice Inspection summarizing all inspection findings was released this week. It is helpful to understand what deficiencies occurred so you can take action to help ensure the same findings don’t happen in your engagements. The Manitoba results are consistent with findings from other provinces as results are shared and compared across the country. Very worth your time to read.

READ PRACTICE INSPECTION SUMMARY HERE


Verifiable CPD Reporting Reminder

The year end deadline is fast approaching! Often it can be a challenge to find good, practical and worthwhile PD courses. ASK KSA has several upcoming on-line workshops to help you meet those required verifiable PD hours. We can also deliver tailored in-house courses as needed. Reach out to me directly. Current live online workshop offerings are as follows:

Path to Implementation – CSRS 4200
(3 hours verifiable CPD)
January 6, 2021 @ 1:30 pm
January 21, 2021 @ 1:30 pm $600

What’s New? 2020 Assurance and Accounting Update
(3 hours verifiable CPD)
December 18 @ 1:30 pm $200

CLICK HERE TO REGISTER FOR CURRENT COURSE OFFERINGS


Many practitioners are reaching out to me these days for assistance on many topics. We are facing many challenges in our current environment. Results of practice inspections, financial statement disclosure matters, file efficiency reviews, monitoring, implementing the new compilation standard… the list goes on. Please feel free to call with whatever is on your mind. I am here to save you time and provide peace of mind.

Best regards,
Kirsten S. Albo, FCPA, FCA
President
1.204.228.2529
www.ksaconsultinginc.com