September 2022

Greetings,

September is now drawing to a close and fall is officially upon us. The next few months are going to be busy… updating audit templates and planning for Revised CAS 315, completing the design and implementation of your system of quality management, other general planning… a lot to think about. The key to getting it all done is being organized, having a plan in place and reaching out for support where needed. This month’s updates help with all that. Read on…

Revised CAS 315

As the effective date for CAS 315 continues to draw closer, there are many things to address. This will be a topic in my monthly updates from now until the end of the year. While the Revised standard has an impact on auditors, it also has an impact on clients. CPA Canada issued a briefing tool to help your audit clients understand the key changes in the new risk identification and assessment standard, and how these changes impact them. Never to early to start the discussions with your client… the more informed they are, the more they can assist you and save you time.

DOWNLOAD CPA CANADA CAS 315 BRIEFING FOR MANAGEMENT AND TCWG HERE

Ready for CSQM changes?

The effective date for the design and implementation of your system of quality management is December 15, 2022. Have you started? Do you know what is involved? Do you have a project plan? It starts with understanding what is required. The three-part series articles written by myself and my colleagues in Australia outlines a practical approach on what to think about and where to start. Check out the articles published by the Canadian Accountant…

Part one: Quality objectives and the importance of quality risks
Part two: Designing your risk responses
Part three: Monitoring and remediation

10 Internal Communications Best Practices

A new component of the quality management standards is Information and Communication. The quality objectives include communication from the Firm to its personnel and from the personnel to the Firm. Communication is always critical in running an effective practice. An article from SpriggHR states that strong internal communication is the foundation for success. How a message gets communicate is as important as the message itself. They outline 10 internal communications best practices that will help your firm meet quality management standards… and beyond.

READ ARTICLE HERE

Project Management Tips for Non-Project Managers

It can be challenging to make changes within a firm. Over the next few months, you will be implementing significant changes at your firm which is a project management exercise. Partners are busy and to help move things along, it will be important to draw in staff where possible… except staff are not trained project managers. I found this great article that provides guidance to help improve project management skills, even for those who are not project managers. Share this article with your staff and colleagues to help free up your own time.

READ THE 10 TIPS HERE

CSQM 1: Risk Assessment Planner

A question that is coming to me many times is… where do I get started in implementing the requirements of CSQM 1. To me, it all starts with the risks. When you start with the risks, it leads to a more efficient process. I have created a Risk Assessment Planner for you. It includes:

  • A practical proven approach in how to get started with your SQM implementation plan.
  • My “Risk Brainstorming Meeting Method”; how to prepare for, and execute a productive risk brainstorming session.
  • A risk documentation worksheet to guide you in identifying quality risks based on the nature and circumstances of your firm.

DOWNLOAD YOUR RISK ASSESSMENT PLANNER HERE

While there is a lot to think about from a work perspective… what I am most excited about right now is birth of our second grandbaby… any day now!!!!! I’ll be able to update you next month on details. I am so very, very excited. I love my little Chloe and now another one. It reminds me of what is important.

Have a great weekend. And as always, reach out any time. I am here to save you time and achieve peace of mind.

Best regards,

Kirsten S. Albo, FCPA, FCA