October 2024
Greetings,
Welcome to ASK KSA Monthly Update! This month’s edition has a mix of technical and practical tools to keep you sharp and compliant. Included in the Technical Update is a link to register for the AcSB Fall Accounting Update Webinar, designed to keep you informed of evolving standards. Other technical topics include information on the FOFI exposure draft and guidance on testing operating effectiveness of controls, a topic auditors will appreciate. For firm leaders, there are tips on team building and leadership to help strengthen your practice from within. Plus, we’re spotlighting ASK KSA’s on-demand courses—a flexible way to stay on top of licensing requirements. Read on…
AcSB Domestic Accounting Standards Update
Upcoming Webinar: November 6
This is a good time to keep up-to-date on accounting standards as you plan for your upcoming year-end engagements. Register for the AcSB Fall Accounting Standards Update on November 6 to learn about recently issued or amended accounting standards and updates on current accounting standards projects. Key topics include:
- Updates on Detailed Review of ASPE, Goodwill and Intangibles, Financial Statement Concepts
- Contributions projects
- Climate-related risks and opportunities
- Other current projects.
REGISTER FOR THE “FALL 2024 AcSB STANDARDS UPDATE” HERE
Exposure Draft “Compilation Engagements on FOFI and Pro Forma”
Many practitioners provide “future-oriented financial information” (FOFI) for our clients for banks, acquisitions and other reasons. The AASB has released an exposure draft on Canadian Standard on Related Services (CSRS) 4250, Compilations Engagements on Future-oriented Financial Information and Pro Forma. CSRS 4250 would replace AuG 16 which is very outdated.
Have your say in setting standards. The comment period on the ED is open until January 7, 2025.
REGISTER TO PARTICIPATE IN A VIRTUAL ROUNDTABLE ON NOV 12 HERE
Testing Operating Effectiveness of Controls
Understanding and evaluating the information system and the design and implementation of control activities are required in an audit. Relying on controls, that is, testing operating effectiveness, is a choice the auditor can make. I always encourage firms to think about testing operating effectiveness as it can be an efficient way to obtain sufficient appropriate evidence. The challenge is that sometimes auditors need help with how to approach controls testing. CPA Canada has a very good implementation guide that will help auditors identify common pitfalls and how to overcome them.
READ THE CPA CANADA “CONTROLS IMPLEMENTATION GUIDE” HERE
5 Traits of Effective Teams
Teamwork is difficult at any level, but for top teams, the challenges expand exponentially. In pretty much all engagements, we work in teams. Highly effective top teams share key five behaviors: direction, discipline, drive, dynamism, and collaboration. These traits are collective and characterize the behaviors of the team as a whole, not those of its individual members. In this interesting article, the authors lay out a four-step process to help you promote those behaviors to boost the effectiveness of your own team.
6 Essential Leadership Skills
Continuing on the teamwork theme… effective teams work together but they are led by the team leader.
Leaders are under new pressures to perform at higher levels and adapt quickly to changing demands. In this article, the author shares advice from three leadership experts and outlines the six skills leaders need to succeed. The skill that spoke to me was self-awareness. Developing these six key leadership skills isn’t just about personal growth, it’s about shaping the future of work and inspiring those around you.
READ HBR “6 ESSESNTIAL LEADERSHIP SKILLS” ARTICLE HERE
ASK KSA Professional Development
Fall always seems to be PD time. Make sure you are thinking ahead so not scrambling to meet your CPD requirements right at the end of the year. And, since you have to take courses, why not take ones that will be of value to you. ASK KSA PD offers targeted courses for auditors and practitioners. Courses always practical, engaging, and packed with the insights you need to stay ahead.
Audit courses meet the requirements for licensing and IES 8 include:
- Audit Hot Topics
- Identifying and Assessing RMM (CAS 315)
- Auditing Accounting Estimates (CAS 540)
- Performing Analytical Procedures (CAS 520)
- Effective and Efficient Journal Entry Testing (CAS 315 and CAS 240)
In addition to these auditing courses, we have other technical topics such as Review Engagements Hot Topics, Compilation Hot Topics and Agreed-Upon Procedures Engagements .We also have a variety of practice management courses including Power of Efficiency, Strengthening Communication with Clients and Efficient File Reviews.
If your firm is interested in a session for all firm members, reach out and learn more.
Path to Implementation: CSQM 1 Workshop (next session December 11)
While the effective date for the design and implementation of your system of management has come and gone, I am still receiving many phone calls from firms about assistance on CSQM 1 implementation. Some firms have not yet implemented the requirements of the standard, and others have but encountered significant weaknesses after going through a practice inspection. No matter who you are and what stage you are at, I am here to help.
The next CSQM 1 implementation workshop is scheduled for December 11. Join me?
CHECK OUT MY FREE BLUEPRINT IMPLEMENTATION VIDEO AND INFORMATION ON THE UPCOMING WORKSHOP HERE
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Thanks for tuning into this month’s newsletter! As always, we’re committed to providing the guidance and resources your firm needs. Our mission is to support you with timely, relevant information that helps you and your team stay ahead of industry demands and streamline your practices. Remember, I’m always here to help you save time and achieve peace of mind, reach out anytime.
And happy Halloween. Whether you are staying in or heading out, enjoy.
Best regards,
Kirsten S. Albo, FCPA, FCA
President