October 2023
Greetings,
Wow. Only two more months until the end of the year… and they will pass by quickly. This month’s update has a number of ideas on activities to strengthen your practice and save time. Don’t forget to review your CPD hours to ensure you are on track to meet the annual requirements. If you need a few more hours, ASK KSA PD has some great options for you. And, check out the article below on sending “explainer” videos to your clients – a real time saver!! Read on…
Practice Inspection Reporting
The fact you are in the public accounting profession means you are subject to practice inspections. It is a given. This is the time of year that each province issues their Focus on Practice Inspection Report. Over the years, I have read most of them and there are consistent findings, no matter your province. I believe it is a valuable exercise to read practice inspection reports. When you are aware of findings from other firms it helps you strengthen your own practice, and it makes you realize you are not alone.
Here are the recently released 2023 reports from MB and AB… Others are coming shortly. They can be found on your provincial CPA body website over the next few weeks.
Refresher on Fraud Responsibility in an Engagement
Fraud is described in auditing standards as “an intentional act by one or more individuals among management, those charged with governance, employees, or third parties, involving the use of deception to obtain an unjust or illegal advantage”. Last month’s update included details on the current project to revise CAS 240.
A recent article from the Journal of Accountancy summarizes the practitioner’s responsibility. It also provides practical guidance on performing required procedures. Worth the read.
PEG Updates
There were a number of updates to the PEG Practice Aids released this month. To see the details you have to log into Knotia and read the October 2023 “What’s New”. A summary of the updates:
Audits
- A set of new and revised forms for group audits has been developed as a result of Revised CAS 600 (effective for periods beginning on or after December 15, 2023).
Reviews and Compilations
- Minor updates to a few forms mainly driven by CSQM 1.
- Updated Case Study and Filled In Forms
QMG (Quality Management Guide)
- Quality Management Guide is moving to the cloud. The Knotia templates will only be available until December 2023 and then all future updates will be on QMG Cloud.
- Remember, if you participated in my CSQM 1 workshops and are using SQMT, YOU DO NOT HAVE TO RENEW YOUR QMG SUBSCRIPTION. SQMT DOCUMENTS EVERYTHING IN ONE SPOT. NO ONGOING FEES.
CHECK OUT MY VIDEO BELOW ON HOW TO NAVIGATE TO THE “WHAT’S NEW” SECTION OF PEG ON KNOTIA.
Videos, the Secret Time Saver You Didn't Know You Needed, Until Now
Are there times when you need to explain something to your client and an email may end up just too confusing, and a phone call may take too long? A great solution to this is videos.
I use videos all the time. Two benefits… It saves time and makes your client feel special. When I record a video, I use my client’s name so they know the video was created just for them. Your “explainer” video doesn’t need to be a Hollywood production. It just needs to be a short clip helping your client navigate to what you want them to know. How easy it that?!?! I found an excellent article on tips to recording videos for your client.
CLICK HERE TO READ THE ARTICLE
In fact, to show you how easy it is, I just created a video on how to navigate to the “What’s New” section of PEG. The platform I use is Loom. I did this on the fly while writing this update.
New ASK KSA Professional Development Courses Launched
The end of the year is approaching quickly… have you met your annual CDP requirements? Looking to find useful courses? We can help you with that.
At ASK KSA, I believe that learning should be practical, informative, and engaging. That’s why I’m thrilled to introduce my latest online courses on a variety of topics. All designed to take your professional development to the next level.
Your Quest for CSQM 1 Implementation Guidance End Here!!!
If you haven’t implemented the requirements of CSQM 1 are are searching for the next steps to implement the standard, look no further.
Join me for a FREE one-hour webinar on November 8 @ 2:00 pm CST (3:00 pm EST) where I’ll unlock the mysteries of CSQM 1. Get answers to your questions and take your first steps toward successful implementation. Let’s navigate this journey together!
Join a community of over 600 previous webinar attendees who gained a thorough understanding of CSQM 1 requirements and left with a clear path forward on how to implement the standards in a practical and efficient way. They found the confidence they needed, and you can too!!
It ALL happens on November 8 at 2:00 pm CST (3:00 pm EST). Register early for the free one-hour CSQM 1 Implementation Blueprint Webinar, spots are limited!!
LEARN MORE AND REGISTER FOR THE FREE WEBINAR HERE
Happy Halloween to you all. For many, it is a busy day.
Remember, I am always here to support you as needed. Reach out any time.
Best regards,
Kirsten S. Albo, FCPA, FCA
President