Underused Housing Tax (UHT) Update

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”

Compliance Review – CSRS 4200 Compilation Engagements

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”

Compliance Review – Adoption of 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”

New Quality Management Standards Proposed for Canadian CPA Firms

By Justin McLaughlin / Bridget Noonan Due to the ever-changing landscape of the Canadian environment, the Auditing and Assurance Standards Board (AASB) proposed a new standard for quality management in April 2019. The AASB is proposing to adopt the international standard, ISQM 1, as CSQM 1. An additional standard, CSQM 2 will be created and … Continue reading “New Quality Management Standards Proposed for Canadian CPA Firms”

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”

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…