October 2025
Greetings,
Welcome to this month’s edition of the ASK KSA Monthly Update, where we’re keeping you ahead of the curve on what matters most to your firm. This issue shines a spotlight on several timely topics, including recent FINTRAC developments and why all firms should take a closer look at their AML policies, practical tips for building stronger client relationships, and CPAB’s latest guidance on maintaining audit quality across all practices (even those not auditing public companies). We’re also covering the latest changes in PSAS and sharing a few year-end CPD reminders to help you stay compliant and confident as 2025 approaches. There plenty of insights you can put into action right away. Read on…
CPAB Audit Quality Insights
Even firms that don’t audit public companies can learn from CPAB’s 2025 Interim Inspections Results, which highlight emerging audit quality risks and trends affecting the entire profession. The report emphasizes that strong systems of quality management (CSQM 1) and firm culture directly correlate with fewer inspection findings. Key themes include the responsible use of AI and technology in audits, the importance of evaluating fraud risks, and maintaining ethics and integrity. With ongoing changes in how firms use technology and manage staff training, all practices, large and small, can take valuable lessons from CPAB’s insights.
ACCESS THE INTERIM REPORT HERE
This link is also worthwhile to click on as it leads to other publications that may be of interest to ALL firms, as there are a number of other publications that provide guidance on other topics such as group audits, impairment considerations and other updates.
On-Demand Webinar – GNFP Strategy and Implementation Update
I talk a lot about changes to ASPE and ASNPO, but do not want to forget about amendments to Public Sector Accounting Standards (PSAS). PSAB recently approved the proposal for the second standard-level project to implement the Government Not-for-Profit Strategy. To keep you updated on the progress of the strategy implementation. There are a number of upcoming key changes and amendments. To keep up-to-date, you may want to watch this on-demand webinar from FRAS Canada. This session covered key amendments to Section PS 3150, Tangible Capital Assets, and the upcoming standard-level combined project, Contributions and Financial Statement Presentation.
CLICK HERE TO WATCH THE RECORDING
Have Your Say: Post-Implementation Review
Further to the changes in PSAS, the PSAB is interested in hearing from you and is conducting a survey on post-implementation challenges. Have you faced any challenges applying Section PS 2601 (Foreign Currency Translation), Section 3041 (Portfolio Investments), or Section 3450 (Financial Instruments)? Have your say in setting the standards. Complete the survey by December 12, 2025.
Do You Have Your AML Policies in Place?
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) ensures the compliance of businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. They recently issued updated guidance reminding accountants and firms of their record-keeping obligations under Canada’s anti-money-laundering (AML) legislation, and enforcement is ramping up, as seen in recent fines to firms. Every firm should ensure their policies, client onboarding, and documentation processes meet these expectations. This is a timely reminder that AML compliance is no longer optional for public practice firms.
I found a very good article by some lawyer (acknowledging I have no idea who they are!!) that summarizes all the recent changes and advisories. CLICK HERE TO READ ARTICLE
As good as summaries are, it is important to go to the source. Here is a link to the FINTRAC site itself with all the notices. CLICK HERE TO READ FINTRAC NOTICES
Client Relationships
In today’s environment, it’s easy to default to a “checkbox” attitude and deadlines, you don’t mean to but it happens. We want to build relationships, and, with the recent changes to FINTRAC and AML requirements, we need to know about our clients. A recent article from CPA Practice Advisor explores how mindful communication can deepen client trust and turn routine meetings into relationship-building moments. By being present, listening actively and responding not only can you respond with empathy and elevate your service, you can also make sure you are meeting regulatory requirements.
December 31 CPD Deadline Arriving Quickly
It is that time of the year again to check if you will meet the continuing professional development (CPD) requirements for the current year and the three-year rolling cycle ending December 31, 2025. As a reminder, all CPD learning activities are to be completed in 2025 and reported and declared no later than April 1, 2026. But, it is not just about meeting CPD requirements, it’s about choosing professional development that adds real value. Whether you prefer live sessions, virtual workshops, or recorded on-demand learning, planning now helps avoid the year-end scramble and ensures you’re focusing on the skills that matter most.
There are many great PD sessions out there, including ASK KSA PD. We offer a wide range of courses designed specifically for SMPs. You can explore the full offering here: ASK KSA PD Courses.
ASK KSA PD Course of the Month: Review Hot Topics
Applying the requirements of CSRE 2400 in your engagements is of course, required. I know there are areas where practitioners may struggle when performing review engagements. This is because the standards are not well understood or are challenging to apply. This course addresses hot topics in performing a review engagement. This is not a technical course but rather a practical session that focuses on matters of importance, including understanding the entity, designing and performing inquiry and analytical procedures, specified procedure requirements, documentation, reporting and communicating.
Through an exploration of the standard, illustrative examples and guidance on practical application you will strengthen your ability to conduct effective and efficient engagements.
Perfect for small and mid-sized firms, this self-paced course provides practical, actionable insights that can improve engagement quality, reduce rework, and minimize inspection issues. Invest in your team’s confidence and competence. Learn more and register today.
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As we wrap up October, I hope you find these updates both useful and motivating as you continue building quality and efficiency into your practice. And have fun handing out candy tonight (or taking the night off if that works better for you). I know no matter what, I will be cheering on the Blue Jays. ⚾ It is moments like these where I am reminded what a privilege it is to live in a country like Canada.
Remember, I am always here to help you save time and achieve peace of mind. Reach out any time.
Best regards,
Kirsten S. Albo, FCPA, FCA
President