CSRS 4400 Agreed-Upon Procedures Engagements

The finalized Canadian Standard on Related Services (CSRS) 4400, Agreed-Upon Procedures Engagements, was published in the CPA Canada Handbook – Assurance in August 2020. CSRS 4400 addresses the practitioner’s responsibilities when engaged to perform an agreed-upon procedures engagement; and the form and content of the agreed-upon procedures report. The new guidance applies to the performance of agreed-upon … Continue reading “CSRS 4400 Agreed-Upon Procedures Engagements”


Accounting and Assurance Implications of the COVID-19 Crisis

Soon after this crisis broke out in Canada, there been a lot of talk about the accounting and assurance implications of the COVID-19.  These include financial reporting considerations such as subsequent events and going concern notes, disclosure of risks from financial instrument, as well as measurement of financial and non-financial assets.  The impact is not … Continue reading “Accounting and Assurance Implications of the COVID-19 Crisis”


CSRS 4200 Compilation Engagements – Guidance and Resources

With the advent of the new compilation engagement standard, CSRS 4200, both the Auditing and Assurance Standards Board (AASB) and CPA Canada have released various guidance to assist practitioners, clients and third party users understand the changes that this new standard represents. The AASB has released its Basis for Conclusions document which summarizes the process that the … Continue reading “CSRS 4200 Compilation Engagements – Guidance and Resources”


New Compilation Standard (CSRS 4200) Published

The new compilation engagement standard, Canadian Standard on Related Services (CSRS) 4200, was published in the CPA Canada Handbook on February 3, 2020. This new standard represents the most significant change to compilation engagement standards since they first came into effect in 1988.  Accounting practices and the use of compiled financial information, particularly by third … Continue reading “New Compilation Standard (CSRS 4200) Published”


2019 Professional Engagement Guide (PEG) Update

Professional Engagement Guide (PEG) update It’s that time of year again when the updated PEG checklists are released and your firm templates should be updated.       New Resources Whether you subscribe to Caseware, Jazzit or another third party service provider and use the checklists in their entirely or you customize your firms’ templates … Continue reading “2019 Professional Engagement Guide (PEG) Update”


Audits of Less Complex Entities – Discussion and Challenges

By Andrew Ross / Bridget Noonan One of the biggest challenges we know of for smaller firms, who are not specialized in assurance, is the ability to audit small not-for-profit organizations (NPOs) in a cost effective manner, while still meeting all the requirements as set out by the Canadian Auditing Standards (CASs) which are based … Continue reading “Audits of Less Complex Entities – Discussion and Challenges”


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”


Reporting Using the New Auditor’s Report

With the introduction of the revised Canadian Auditing Standards (“CAS”) 700, Forming an Opinion and Reporting on Financial Statements, as well as other new and amended standards that address matters related to the auditor’s report, comes a new auditor’s report with a new structure and a new feel. Effective for periods ended on or after … Continue reading “Reporting Using the New Auditor’s Report”


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”


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”


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