March 2022 Update

Greetings,

Spring in is the air. Finally. It has been a busy month, and I expect the upcoming month to be even busier. Recognizing that fact, I have kept this month’s topics focussed on ideas to help you through the next month and onto the rest of the year. I encourage you to register for the free 1-hour overview webinar on CSQM1 on April 12 at 2:30 pm (spots are filling up fast). This hour will be worth your time in understanding the requirements and starting you on your path to implementation.  Read on…

ASPE & ASNPO Standards Update (Free Webinar from AcSB)

The AcSB recently hosted a webinar on amendments in Part II, III and IV of the CPA Canada Handbook, including topics such as accounting for retractable or mandatorily redeemable shares, not-for-profit combinations, and amendments to pension plan accounting. Very helpful in keeping up to date.

REGISTER FOR AcSB ACCOUNTING UPDATE WEBINAR HERE

51 Things to Do When You Need a Break From Work

This is a busy time for all (understatement of the year? 🤣). But, don’t forget you need a break. Studies show taking a moment to step away helps you be more productive. I can hear you: “I don’t have time”. My response: “10 minutes is all you need”.

But what to do with that 10 minutes can make a difference. A great article from The Muse has pulled together a list of better ways to take 10. Whether you want to rev your energy, do something productive, or just totally check out for a few, try their ideas for a well-spent break. What is unique about their list is all ideas are simple, practical and something you can do that minute. They are listed by subject area which is also helpful. 

WHAT ARE YOU GOING TO DO? GET YOUR IDEAS HERE

The CPA Way: An Approach for Addressing Professional Problems

Unfortunately, it is not always smooth sailing when dealing with client issues. The CPA Way is a solid approach for addressing professional problems. You can think of it as taking a professional journey. The CPA Way is used throughout the CPA Professional Education Program (PEP). Students are learning about the CPA Way but it is a good reminder for all as it can be used for any challenge at any point in your career. The CPA Way consists of five parts, which are described in seven overview videos and accompanying documents on the CPA Canada site. Worth the read/watch. 

READ MORE AND WATCH THE VIDEOS HERE

What you need to know NOW about CSQM 1 (ISQM 1)!

[Free] Webinar Overview of the Standard

A new suite of Quality Management Standards has been approved and it is critical for firms to be aware of the requirements in order to design and implement a system of quality management by the effective date of December 15, 2022. Time will pass quickly and business decisions must to be made in order to be ready. The time to start thinking about this is now.

Join us for this free one hour webinar on April 12, 2022 at 2:30 pm (qualifies for verifiable CPD). By the end of the overview session, participants will be able to:

  • Appreciate the components of a system of quality management.
  • Understand the risk assessment process and how to establish quality objectives.
  • Establish a methodology for identifying and assessing quality risks.
  • See the link between quality objectives, risks and responses.

Commence the process of developing an implementation action plan.

Sign up for the free webinar here!

A few other quick updates.

The first is an update that there is no update. The new PEG forms related to the changes as a result of Revised CAS 315 still have not been released. I await with baited breath and will keep you posted.

The second update is hot off the press. Yesterday the IAASB Task Force on the Audits of LCEs reconvened for the first time in awhile to start the process of reviewing responses on the proposed standards. Very exciting. If anyone wants to check out any of the 145 responses received, you can READ THE RESPONSES HERE. My response #51 !!! I will keep you updated on progress as it happens. Stay tuned. 

Have a good April. I hope that the days between now and the end of the month go smoothly for you. If you have any questions over this time, reach out at any time. I am here to help you save time and achieve peace of mind. 

Best regards,

Kirsten S. Albo, FCPA, FCA