In our work at Clearline Consulting, we hear from many practitioners who are considering whether or not to continue providing assurance services.
Here are three questions to consider if you are thinking about reducing or eliminating assurance work.
1. Can I eliminate a portion of the assurance services provided?
Instead of eliminating all assurance services provided, you could continue to provide review engagements or focus on a niche area such as film credit audits, common area cost or rental agreement assurance reports, or ministry or agricultural based assurance reporting.
2. If I stop doing assurance work, can I still train CPA students?
With the new training paths in the CPA profession, you will still be eligible to train CPA students. However, students will not obtain the required assurance competencies and work experience, unless you arrange for some form of staff sharing, perhaps with provincial ministries or other assurance firms.
3. If I stop doing assurance work, will I be limiting our firm’s ability to take on new work?
When new or existing clients require assurance be provided to third parties, you will not be in a position to provide these services. This means it is important to define target market before limiting the services you will provide. If you have just started your firm or are in a growth stage, now may not be the time to restrict the services you provide.
For more insights on whether or not you should continue to offer assurance services, download our Special Report.