CM Autumn Template - Institute of Chartered Accountants of Ontario

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Senior Excel Instructor Wanted for Part-Time Seminar Teaching Engagements K2 Enterprise is the preeminent provider of technology-focused continuing professional education to accountants and other professionals in North America. If you meet the following requirements we have an opening for a part-time trainer. • Have the CA designation with public practice experience • Advanced Adobe PDF skills would be an additional asset • Live in the Greater Toronto Area • Have superior presentations skills and experience in presenting to senior accountants • Are able to do some travel in Ontario • Have advanced Microsoft Office 2007 and 2003 skills, including Excel, Word and Outlook If you’re interested we’d like to hear from you. Send a resume to alan@k2e.ca. (This could lead to a partnership position for the right person.) Meet Michelle... Want to volunteer but too busy to do the legwork? www.icao.on.ca/CAVolunteer A website that helps CAs find volunteer positions We make the exercise much easier! There is no better exercise for your heart, Than reaching down and helping to lift someone up. She’s never met an audit she didn’t like. Michelle easily exceeds the expectations of a professional accounting services firm. For her it’s more than just numbers. She is passionate about helping her clients and her employer succeed in today’s competitive world. Hiring a U of T Management Co-op Student like Michelle – that’s a sound investment. 416-287-7361 http://mgmtcoop.utsc.utoronto.ca/checkmark Bernard Meltzer
How to Implement a Paperless Office: Considerations for Sole Proprietors and Small-Sized Firms By Ryan Kagan, CA The ways in which accounting firms conduct their business and manage their documents have radically changed, compared to just a few years ago. Today, many accounting firms have implemented paperless offices as a means to improve file preparation efficiency. It can even make sense for a sole proprietor to go paperless. It is important to note that the term “paperless” does not necessarily mean that all paper is eliminated; rather, the focus is on producing and retaining documents in an electronic format. Implementing a paperless office requires making a number of decisions, and investing in resources, which I’ll discuss in further detail. To start with, however, the following decisions will need to be made when implementing a paperless office: • How information will be stored, maintained, accessed and purged; • Which file management system will be appropriate for storing files; • Determining which hardware (such as scanners) is required. A firm must also assess its hard disk capabilities to ensure that it’s able to handle the required volume of clients; and • How to train staff to effectively adapt to the paperless office environment. Benefits One of the key benefits of a paperless office is the time efficiency that is created when retrieving documents, not to mention the convenience of being able to easily retrieve a document when away from the office. A paperless office also reduces the risk of files being misplaced or becoming inaccessible to others for prolonged periods of time. This also increases the security of data, as there is less risk of misplacing files inside or outside the office. Another benefit is the ability to conduct peer reviews, such as practice inspections or file quality reviews, in an efficient manner. Documents do not need to be physically sent to the reviewer, nor is the reviewer or inspector required to be onsite to review documentation. Lastly, there may be direct cost savings from reduced storage costs and a decrease in paper purchases, as well as label printing and photocopier maintenance costs. Challenges and Limitations The most significant challenge in transforming to a paperless office is altering attitudes, as people may be reluctant to change. Many individuals still want to view documents in hard copy format. Changing perceptions can be done through training that demonstrates how much more efficient and effective a paperless office can be. Another possible limitation is how willing - or unwilling - staff are to deal with potential problems that may result from computer equipment malfunctioning and/or network connectivity issues. Quality Control Even though the benefits of a paperless office may outweigh its limitations, there are some challenges with respect to document management and document retention. This requires firms to design and implement quality control procedures to maintain and retrieve electronic documents. The new quality control standard CSQC 1, Quality Control for Firms that Perform Audits and Reviews for Financial Statements and other Assurance Engagements, which is effective December 15, 2009, addresses some of these issues. Document Management According to the CSQC 1, “whether engagement documentation is in paper, electronic or other media, the integrity, accessibility or retrievability of the underlying data may be compromised if the documentation could be altered, added to or deleted without the firm's knowledge, or if it could be permanently lost or damaged.” Accordingly, controls that the firm designs and implements to avoid unauthorized alteration or loss of engagement documentation are critical. CSQC 1 makes various suggestions on which controls to implement, such as use of passwords and having appropriate back-up features. Document Retention If you retain files for a long period of time, it would be wise to keep them in electronic form as you can save on storage costs. However, you must make sure you still have a copy of the original software and the appropriate hardware to allow you to access the documents in the future. In (Please see page 32) CheckMark • Autumn 2009 31
Page 1 and 2: CheckMark T h e I n s t i t u t e o
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Page 5 and 6: A Message from the Chair Along with
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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 and 22: that regular health insurance plans
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Page 25 and 26: Bruce Singer, Chartered Accountant
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Page 29 and 30: Eight CAs Honoured with ICAO Award
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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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