In this Update: Auditor Reporting Guide; Enhancing Documentation; New Review Engagement Standards; Technology
February is a month where work ramps up as we get busier and busier with clients. At times, it may seem easier to let things slide in order to just get things done and out the door but that approach has its cost in the end. This month topics will help you to ensure that you are meeting standards in an efficient and effective way. The links below provide you a number of resources to help you along the way, including how you may want to consider using technology in your practice. Read on…
Auditor Reporting Guide: Reporting Implications of Canadian Auditing Standards
Have you issued your first auditor’s report under the new standards yet? From a few I have talked to, it is not quite as straightforward as before and takes some time to get it right. CPA Canada has issued the 3rd edition of the Auditor Reporting Guide. This is a very good tool which provides guidance with respect to commonly occurring reporting circumstances. There are many illustrative reports for such things as going concern, qualifications to the opinion, emphasis and other matter paragraphs. I would be happy to consult with you if needed to ensure you get it right.
Documentation is critical in all assurance engagements. The mantra “if not documented, not done” comes up over and over again. There are simple things to keep in mind as you work through your assurance engagements files over the next few months. This short two-minute video from the Global Head of Audit Quality at Grant Thornton provides recommendations on strengthening audit quality. You may want to share this video with you staff.
Observations Regarding the New Review Engagement Standard
CSRE 2400 has been in place for a year and practitioners are now entering their second season performing engagements in accordance with the standard. CPA Canada worked with a task force of practitioners to build resources to support the effective application of the standard. In addition, they gathered observations from practice inspectors from across the country and provide reminders for practitioners in applying the standard.
Technically, Your Practice Could be Better
These days it seems that technology is top of mind whether in your personal life or in business. As practitioners it is important to keep up as the world changes. Knowing which technologies are best for your practice can be complicated, but ignoring the value technology can add to your practice carriers a heavy price in lost efficiency and opportunity. An article from AICPA addresses these issues from a financial planning practice but many of the fundamental ideas apply to practitioners.
Before sending out this monthly update, I did a quick check on the status of a number of exposure drafts including the Compilation Standard (CSRS 4200) and Assessing Risk (CAS 315). Right now the Standards Boards are deliberating feedback received so no updates as of yet. I will continue to keep you abreast of changes as they become known. In the meantime, if you have any questions on existing standards or need support, please feel free to give me a call at anytime. I am here to provide you peace of mind and save you time.
Kirsten S. Albo, FCPA, FCA