September 2020 Update

September 30, 2020 / Monthly Newsletter
Greetings,

Fall has officially arrived and I think it will be a busy one. There is a lot on the go from every aspect of running a practice. Planning engagements, practice management and professional development all seem to fall (pun intended) into this time of year. This month’s topics will help you get ready for everything that needs to get done. Read on…


Agreed Upon Procedures

The new Agreed Upon Procedures standard (CSRS 4400) has been approved and is effective for engagement terms agreed upon on or after January 1, 2022. There are many improvements to the new standard and it is consistent with other recent changes, therefore you may want to consider early adoption for upcoming AUP engagements I don’t believe the transition will be difficult in this case. A blog by CPA Canada will help you understand the new standard and its implications.

READ BLOG HERE


New Quality Standards Approved by IAASB

Last week the International Standards setters approved the new suite of quality management standards replacing ISQC1. Why do Canadian practitioners care about these new standards? We care as the AASB has exposed draft standards on the same topic to replace CSQC1. I wrote a LinkedIn article on the expected changes and the issues faced by the AASB as they consider the unique aspects of the Canadian market. 

READ ARTICLE HERE


2020 PEG Update Reminder

Phase one of the 2020 version of PEG released in August. Practice Aids and Volume 1 are now available on Knotia (soon to released in Jazz-it and Caseware). Changes are classified as Major, Moderate or Minor. Phase two which includes Volume 2, case studies and other content will be available in October. Highlights of the significant changes included the release of letter and practice aids related to CSRS 4200 Compilation Engagements practice aids related to CAS 540 Estimates. The What’s New Section has a good summary of all the changes.

LOG INTO KNOTIA HERE TO ACCESS THE PEG


Quality Can Help Firms Grow

Having a proper quality control system in place, especially with the upcoming changes, can help a firm be successful and grow. “Firms love to land new clients and keep their current clients happy. After all, acquiring new business and retaining it is the key to growth” says author Cheryl Meyer (Journal of Accountancy). Revenue growth can cause problems if a firm does not have the proper control system in place.  The article includes a number of tips on implementing a solid system of quality management.

READ ARTICLE HERE 


5 Missteps to Avoid when Evaluating Internal Controls

Auditors are required to obtain evidence related to the design and implementation of controls, whether or not controls are going to be relied up. This is an area where practitioners often struggle, especially in the audits of less complex entities. An article in the Journal of Accountancy outlines five missteps to avoid in the process of evaluating internal controls A good article to help you be effective and efficient.

READ ARTICLE HERE


Understanding Your Client:  COVID-19 Implications for Internal Controls

COVID-19 related events and conditions have likely caused changes to entities’ operations and internal control further complicating design and implementation requirements. Changes in operations may result in new or changed risks, processes, and controls. Listen to this special, and practical, practitioner’s webinar from CPA Canada to learn more. 

REGISTER FOR WEBINAR HERE


Professional Development Courses

Path to Implementation – CSRS 4200
October 16, 2020
October 28, 2020
November 12, 2020
November 23, 2020

Putting Ethics into Practice
November 19, 2020
December 18, 2020

Assurance and Accounting Updates
In-house offerings available. Contact me for details. 
Online dates coming shortly.


How do you like the new monthly update format? I would love to hear your feedback. There are a number of new initiatives I have recently undertaken. In addition changing the format of my newsletter, I am now delivering professional development sessions online. ASK KSA PD courses are unique in nature as they are interactive and engaging and very practical. As always, I am here to help you save time and achieve peace of mind. Reach out anytime.

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