CPA MB protects the public interest through rigorous educational and certification programs and ensures its members uphold the highest professional and ethics standards. One of the ways they fulfil this mandate is through a mandatory program of inspecting CPA firms that offer public accounting services.

Public accounting firms that perform assurance, compilation and other specified engagements, regardless of size, are subject to practice inspections. The objective of a practice inspection is to assess compliance with professional standards for each of these types of engagements.

We can assist you in every aspect of the practice inspection process. Anything from a pre-inspection consultation, to an independent review to finally assistance in developing a corrective action plan can be done.

Specific services include:

• Navigating through the process
• Independent review of files pre- or post- inspection
• Assisting in preparing response to practice inspection findings
• Drafting a corrective action plan
• Developing appropriate follow up or remedial actions in instances of non-compliance
• Supporting the implementation of corrective actions
• Monitoring of timeframe of recommendations

Firms want to ensure that they are conducting their engagements in the most effective and efficient way possible. By performing effective and efficient engagements you can focus on providing value to your clients.

At any stage of the work – planning, execution and completion – we can help to ensure you are performing your engagements in the best way possible, saving you time and increasing your margins.

Specific services include:

• Review of approach and recommendations on planning
• Feedback on engagements in process of either the whole file or specific areas of concern
• Debriefing and feedback on completed engagements
• Development of tools and templates for improved job performance
• Recommendations and evaluation of specific audit procedures
• Review of completion documentation for improved efficiencies

There have been times when a firm encounters a situation that it cannot address on its own or for whatever reason do not have the in-house expertise to address complex issues such as limited familiarity of a process, the requirement for a quality review partner, or coming across a complex accounting or auditing situation. An independent advisor who has “been there, done that” can be a valuable resource.

We have the experience to understand what is required to move to the next step in turn, providing quicker resolution of issues. We can provide peace of mind.

Specific services include:

• Engagement quality control review for engagements
• Independent consultation on difficult or contentious matters
• Guidance on researching and documenting issues
• Complete “second partner” reviews
• Recommendations on next steps and resolution

With today’s ever changing profession and standards, it can be challenging to keep up and ensure that the engagements performed are meeting all requirements.
We can assist your staff and partners in keeping up-to-date and understanding the most recent requirements. We provide specific training and on-the-job coaching, specifically tailored to your firm’s clients and industries.

Specific services include:

• Developing and delivering in-house training courses incorporating your firm’s tools and templates
• Training on efficient documentation to meet CAS standards
• Training on specific audit procedures such as analytical review or journal entry testing
• Live file review and coaching