In this Update: Professional Development; Standards Update; AUP Engagements; PEG Updates
This has been a busy month; despite the fact it is August. From my discussions with many of you, it seems we are all still catching up from the past few months and trying to get organized for the upcoming months. There has been a lot of activity related to Handbook updates along with related tools and practice aids, so much so I sent out two special updates earlier this month. I included the information again in this month-end update as they are so important I don’t want you to overlook them. Other topics this month are to help you get ready for fall and beyond. Read on…
Path to Implementation – CSRS 4200 (ASK KSA Professional Development Course)
You have been reading information about the new standard for months now and it is time to act. The standard is effective periods ending on or December 14, 2021 – that is only 18 months from now!! What are you doing to get ready? I will be leading a Professional Development Course to help you understand the requirements and develop an implementation action plan between now and the effective date. The course is unique as it is practical in its approach and focuses on application, not technical.
You will leave the course with a solid understanding of the standard and an implementation action plan. Tools and templates will be provided including a draft action plan, a scoping spreadsheet, basis for accounting template notes and documentation guidance.
Registration will go live later this week but in the meantime, mark your calendars for the date that works best for you. The following sessions are currently available:
Each session will be live via Zoom and limited to 10 participants to allow for interactive discussions. As these sessions fill up, more will be added. Cost for the 3-hour verifiable CPD session is $600 plus GST. If you would like to arrange a separate session for your firm only (either in-person or on-line), contact me directly and we can arrange.
The first special update of the month covered the CPA Canada Standards and Guidance Collection. There were many significant amendments and revisions in both the accounting and assurance sections of the Handbook. The accounting updates were for changes in standards for both ASPE and ASNPO. The assurance updates were revisions to certain CASs and the new standard CSRS 4400, related to Agreed-upon Procedures.
New Agreed-Upon Procedures Standard
Speaking of the new Agreed-Upon Procedures standard, CPA Canada published an article about this new standard which opens the door to a broader range of agree-up procedures (AUP) engagements. The new standard is effective for engagements for which the terms are agreed on or after January 1, 2022. In this case I believe early adoption is a good thing. The article covers the key differences between the existing standards (Sections 9100 and 9110) as well as things to watch out for when performing AUP engagements. Implementation tools will be coming but in the meantime, take a moment to understand the implications of the new standard.
Knotia PEG Release
The second special update related to the 2020 PEG release. This year, the release will be in two phases. Practice Aids and Volume 1 are now available on Knotia. Volume 2, case studies and other content will be available in October. Highlights of the significant changes included the release of the new CSRS 4200 Compilation Engagements and CSRS 4400 Agreed Upon Procedures letters and practice aids and practice aids related to CAS 540. There were other changes that were classified as Major, Moderate or Minor. Read the What’s New Section to understand the updates or give me a call.
While we are busy these days, please take a moment to breathe and enjoy these last few dog days of summer (where did that saying come from anyway?). Remember, things will get done. I promise. I am here to help as needed. Have a great week.
Kirsten S. Albo, FCPA, FCA
One more special update. You will have received an email from Knotia yesterday about the 2020 PEG release. This is so important I wanted to bring it to your attention and highlight a few key changes. Read on…
There have been two substantial updates to professional standards this year: CAS 540 Auditing Accounting Estimates and Related Disclosures and CSRS 4200 Compilation Engagements. The PEG 2020 update reflects changes to these standards as well as many other changes. See further details below about the release which will take place in two phases this year. The Practice Aids and Volume 1 are now available on Knotia. Volume 2, case studies and other content will be available in October. Highlights of the significant changes are:
Compilation Engagements, CSRS 4200:
Practice Aids (Checklists):
Volume 1 and 2:
Volume 3: Case Studies (new Section coming)
The details of the updates have been summarized by the PEG on Knotia in the What’s New Section. CLICK HERE to access Knotia (you will have to log in). I have also attached the What’s New document to this email to save you time so you do not have to go searching for it. If you have any questions about the implementation of the updated 2020 PEG forms, reach out at anytime. I am here to help. Enjoy the rest of the month!!
Kirsten S. Albo, FCPA, FCA