With less than 5 weeks until the first UHT deadline, we wanted to give you an update on some recent developments. Penalty Waiver The CRA announced on March 27th that the penalties and interest under the Underused Housing Tax Act would be waived for late-filed UHT return that are filed by October 31, 2023. Though … Continue reading “Underused Housing Tax (UHT) Update”
Many of the provincial CPA bodies have issued CSRS 4200 Compilation Engagement Alerts, such as the one issued in BC, putting practitioners on notice that inspection findings are highlighting deficiencies in the application of the requirements under CSRS 4200, Compilation Engagements. These deficiencies were summarized as follows: Failure to transition to CSRS 4200, Compilation … Continue reading “Compliance Review – CSRS 4200 Compilation Engagements”
The implementation of CSRS 4200 is the most significant change accounting firms have faced in over 30 years. Now is the time to receive feedback on your firm’s compliance with the new compilation engagement standards before templates and files are finalized. Clearline Consulting can help. We have completed our first round of cyclical monitoring for … Continue reading “Compliance Review – Adoption of CSRS 4200 Compilation Engagements”
As we continue to work through implementation of CSRS 4200 Compilation Engagements (CSRS 4200), we are sharing our frequently asked questions (FAQs). In our fifth post, we will address the inclusion of the firm’s logo on each individual statement. If you missed our first four posts addressing terminology being used including financial information, unaudited, and … Continue reading “CSRS 4200 Compilation Engagements: Logo or no Logo?”
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”
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”
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”
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”
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”
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”
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 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”
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”
We have now confirmed that both Jazzit and Keystone have released their versions of the CPA Canada PEG computerized checklists.
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 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, the new review engagement standard, for your accounting firm is more than updating checklists. Get it right with these tips.
Understand the new CSRE 2400 requirements specifically for your firm. Here’s how to implement an effective transition with modifications specific to you.
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.
How to reduce assurance services without sacrificing client care and service.
Considering providing assurance services? These are the financial pros and cons you need to weigh.
If you’re considering limiting the assurance services you provide, consider these key questions.
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.
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.
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.