CM Autumn Template - Institute of Chartered Accountants of Ontario

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(From page 19) and years of experience to volunteer – at both clinics you sponsor and at other Free CA Tax Clinics in your community. • Issue a challenge to other CA firms. See who can prepare the most returns, sponsor the most clinics, or provide the most volunteers. We’ll post your success stories on our website. Sign up today Sign up today at www.icao.on.ca/taxclinics to enjoy the very satisfying experience of helping people in your community. ADVISORY NEWS Update of PEM and QAM for new Canadian Auditing Standards The adoption of Canadian Auditing Standards (CAS), which are effective for audits of financial statements for periods ending on or after December 14, 2010, requires changes to guidance material to ensure that it remains relevant and helpful. The following provides a brief update on the progress of updating and revising the CICA’s Quality Assurance Manual (QAM) and Professional Engagement Manual (PEM). QAM Update #3 to QAM will address the new Canadian Standard on Quality Control release entitled Quality Control for Firms That Perform Audits and Reviews of Financial Statements and Other Assurance Engagements (CSQC 1). The effective date of this standard is December 15, 2009. The development of revised material for this update is well underway. The revised guidance will address several important aspects of the CSQC 1, including: • Timing of the file quality review • Monitoring process • Division of the monitoring process into two parts: ongoing and the cyclical inspection of a selection of completed engagement files • Span of the monitoring cycle • Documentation of the monitoring This update is expected to be finalized and released to QAM subscribers by early December. PEM The news on PEM is much the same, except the challenge is significantly greater. Not only does the guidance need to address all of the changes made to the standards, but the forms, worksheets and other tools provided also need to be reviewed and modified to ensure that they remain appropriate and relevant. The initial process in the development of the revised material has been completed. A draft of the updated and revised manual is going through our review and quality control processes, which should be completed by the end of November. The results of the review process will determine the timing of the release to PEM subscribers, but we currently expect it will be available in the spring of 2010. We will provide further updates as we proceed through the review process. We will also keep you updated regarding significant changes being made to the manual. One change that has been made is to rename PEM. To reflect the fact that the new manual is based on the CAS, and to differentiate it from the existing guidance material, the name of the new edition of PEM is the Canadian Professional Engagement Manual (C*PEM). Watch for it in 2010! Update from Small Practices Advisory Committee The Institute’s Small Practices Advisory Committee met in late September. The key items on the agenda included private enterprise GAAP and licensing. The Committee is pleased to report that the private enterprise GAAP standards will be finalized by the Accounting Standards Board (AcSB) in the very near future. During the Exposure Draft (ED) period in the summer of 2009, the Committee undertook an awareness and informational campaign through a series of e-mails to their fellow small practitioners, which included the content of the Committee’s submission to the ED for their reference. It is likely no coincidence that many of the responses to the ED submitted by Ontario members contained some or all of the Committee’s recommendations. More importantly, the final standards included all of the Committee’s significant recommendations. The Committee would like to thank their fellow small practitioners for their participation. To facilitate the transition, the Committee has recently recommended that the Institute provide professional development courses on the new standards. Regarding licensing, the Committee expressed concerns over the current public accountancy licence renewal process. They believe that the current hour-based requirements are too narrowly focused given the practical realities of the profession, and place too much emphasis on quantity rather than quality. They believe this will adversely affect the ability and interest of many small practitioners, who are otherwise qualified, to renew their licence. The Committee developed a number of recommendations and will continue to work with the Institute on this issue. In other matters, the Committee consulted with the Institute’s Government Affairs area to advance the issue of allowing non-members to become shareholders of a member’s professional corporation. As well, staff from the Institute’s CA Training Offices area briefed the Committee on changes to the practical experience requirements as they relate to sole practitioners and small CA firms. The Committee will closely monitor developments on these matters. CheckMark • Autumn 2009 21
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Page 9 and 10: Sheila Fraser, James Goodfellow and
Page 11 and 12: Canada, shared prior year on-campus
Page 13 and 14: So You Want to Be CEO By Robert Gag
Page 15 and 16: C H A R A C T E R S Meet Jennifer E
Page 17 and 18: Career Information News ICAO Board
Page 19 and 20: The names of the new FCAs are liste
Page 21: that regular health insurance plans
Page 25 and 26: Bruce Singer, Chartered Accountant
Page 27 and 28: places where they were now working.
Page 29 and 30: Eight CAs Honoured with ICAO Award
Page 31 and 32: Kwan - Precy Kwan - Vivian Kwok - Y
Page 33 and 34: How to Implement a Paperless Office
Page 35 and 36: from a document displayed on one mo
Page 37 and 38: CA Authors Enough Bull David Trahai
Page 39 and 40: Institute Sponsors Boys and Girls C
Page 41 and 42: Golfing for Charity To extend the r
Page 43 and 44: HINES, John Anthony, Victoria, BC H
Page 45 and 46: and those financial statements fail
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CM Autumn Template - Institute of Chartered Accountants of Ontario

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