IAASB Project to Explore Audits of Less Complex Entities

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”


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”







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…
















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