In a May 2018 publication, CPA Canada noted that the International Auditing and Assurance Standards Board (“IAASB”) announced that it was initiating a project to explore challenges in auditing small and medium-sized entities (“SME”). A discussion paper on the topic was expected in late 2018; however, it only just arrived in early March. The discussion … Continue reading “IAASB Project to Explore Audits of Less Complex Entities”
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Changes to Not-For-Profit standards taking effect for fiscal years beginning January 1, 2019
There are several new accounting standards for not-for-profit organizations, which were added to the CPA Canada standards and guidance collection on Knotia back in March 2018. These three new standards are effective for fiscal years beginning on or after January 1, 2019. We have summarized the highlights of these changes below: Section 4433, Tangible Capital … Continue reading “Changes to Not-For-Profit standards taking effect for fiscal years beginning January 1, 2019”
Are Quality Control and Monitoring Standards Coming to Compilations?
Back in its Compilation Engagements exposure draft the Auditing and Assurance Standards Board (AASB) indicated that it had not yet formed a view as to whether the proposed new standard Canadian Standard on Related Services (CSRS) 4200 should be subject to quality control requirements at the firm level and at the engagement level. The current … Continue reading “Are Quality Control and Monitoring Standards Coming to Compilations?”
IES 8 – Professional Competence for Licensed Practitioners
The following discussion is most relevant to public practitioners who perform audit and assurance services. As members of the International Federation of Accountants (“IFAC”) the provincial CPA regulatory bodies must demonstrate compliance with IFAC requirements. One of the more recent requirements is International Education Standard 8 (“IES 8”) Professional Competence for Engagement Partners Responsible for Audits of Financial … Continue reading “IES 8 – Professional Competence for Licensed Practitioners”
The Risks of Using Cloud Storage: Q&A with a Cybersecurity Firm
For the past two years, we have attended the AICPA Practitioners Conference in Las Vegas. We go to meet new service providers and watch the tends in the accounting profession in the United States. Our experience to date suggests the accounting profession in Canada often lags two to five years behind our American counterparts. In 2017, … Continue reading “The Risks of Using Cloud Storage: Q&A with a Cybersecurity Firm”
Take Advantage of the Canada Job Grant for your Firm’s CPD
In a previous post we wrote about the importance of Continuing Professional Development (CPD) and how the Canada-BC Job Grant can make PD much more affordable for your firm. To encourage employers to invest in training and development for their current or future employees, the federal government has partnered with the provinces across the country to … Continue reading “Take Advantage of the Canada Job Grant for your Firm’s CPD”
CPA Canada Quality Assurance Manual Updated for CSRE 2400
CPA Canada has released the 9th update to its Quality Assurance Manual (QAM) publication which is a package of materials, templates and worksheets designed to help firms comply with Canadian quality control standards. The most significant aspect of this update is the inclusion of material that addresses the new review engagement standard, CSRE 2400. As … Continue reading “CPA Canada Quality Assurance Manual Updated for CSRE 2400”
Reporting Implications of the Canadian Standard on Review Engagements
CPA Canada has released their Reporting Implications of the Canadian Standard on Review Engagements (CSRE 2400) guide. This extensive guide provides a series of issues presented in Q&A format and includes over 20 illustrative Independent Practitioners’ Review Engagement Reports for CSRE 2400. This will likely be a valuable resource for your firm during the transition to the new review … Continue reading “Reporting Implications of the Canadian Standard on Review Engagements”
Continuing Professional Development and the Canada-BC Job Grant
Continuing Professional Development It’s professional development season for professional accountants and you may be considering whether or not to invest in your staff’s professional development courses. Designated CPAs are required to meet a certain number of hours of professional development, and the benefits of continuing professional development (CPD) should not be underestimated. With a thought … Continue reading “Continuing Professional Development and the Canada-BC Job Grant”
Employer Branding for Your Accounting Firm
Here’s how a strong brand can help your accounting firm attract and retain good, hard-working employees.
Creating an Online Presence for your Accounting Firm
Consider these simple steps to creating a successful online presence for your accounting firm.
Branding for Your Accounting Firm
Thinking about branding? Here’s what you need to consider for your accounting firm, and why it’s important.
The Importance of Client Engagement for Public Practitioners
Effective client engagement is important for public practitioners. Here’s why and how you can get started.
Jazzit, Keystone and CaseWare PEG Template Subscriptions
We have now confirmed that both Jazzit and Keystone have released their versions of the CPA Canada PEG computerized checklists.
The Results Are In… CPABC’s 2016-2017 Practice Inspection Report
The results are in and 23% of assurance firms are in need of some assistance and we are here to help. CPABC has released the 2016-2017 practice inspection results and almost one in every four firms providing assurance services did not meet the requirements of the practice inspection program…
The New Professional Engagement Guide is Here!
The wait is finally over! CPA Canada has released the Professional Engagement Guide (PEG), the product replacement for the legacy CPEM and PPM public practice subscriptions…
Implementing CSRE 2400 – More Than Just Checklist Updates
Implementing CSRE 2400, the new review engagement standard, for your accounting firm is more than updating checklists. Get it right with these tips.
Firm-Specific Modifications For CSRE 2400: New Review Engagement Checklists
Understand the new CSRE 2400 requirements specifically for your firm. Here’s how to implement an effective transition with modifications specific to you.
Don’t Repeat Old Mistakes When Transitioning to CSRE 2400: The New Review Engagement Standard
Updating your accounting firm to CSRE 2400 is more than just updating checklists. Learn from past transition mistakes of other firms to ensure effective adoption.
Public Practice Headaches – Save Your Future Self
In public practice, tax compliance work and reporting deadlines can cause many headaches. Feeling the pressure? Consider this.
Top 3 Benefits of Monitoring
Monitoring is a vital part of a public practice firm’s system of quality control. In this latest blog from Clearline Consulting, we share the top three benefits of monitoring.
Reducing Assurance Services? Consider These Tips for Building Relationships with Other Service Providers
How to reduce assurance services without sacrificing client care and service.
How to Identify the Costs of Providing Assurance
Considering providing assurance services? These are the financial pros and cons you need to weigh.
Thinking of Reducing Assurance Services? Consider This
If you’re considering limiting the assurance services you provide, consider these key questions.
CSRE 2400 – Key Dates
CSRE 2400 is coming sooner than you may think. Here are some key dates to consider as we move closer to transitioning to the new review engagement standard.
Monitoring and Professional Development
In our latest blog, we explore how the monitoring process can contribute to the professional development of your team.
Why You Need a Transition Plan for CSRE 2400
When it comes to transitioning to CSRE 2400, the sooner you can start thinking about your plan, the better. From administrative changes to timing to implementation, there are a number of considerations to take into account.
Two Factors that Will Impact Your Firm’s Adoption of CSRE 2400
Your firm’s ability to adopt the new CSRE 2400 standards depends on a number of factors. Consider these two key factors as you plan the transition.
Monitoring? Consider This
When done right, monitoring can be a value-add to your firm in a number of ways, but it takes a thoughtful, planned and thorough approach to ensure you get the most from your efforts.