The “Focus on Practice Review” document shares the findings and some common deficiencies from the past year’s practice review program.
CPA Alberta’s Practice Review program plays an essential role in protecting the public by:
- Assessing firms’ compliance with professional standards and taking appropriate follow-up action or remedial action in instances of non-compliance; and
- Providing one-on-one interaction and education to firms.
Last year in Alberta, 552 practice reviews were completed, of which 75 required a follow-up practice review. Most instances of non-compliance related to the new compilation engagement standard, Compilation Engagements, CSRS 4200, which is effective for periods after December 14, 2021 and differs significantly from the previous standard.
All Alberta CPAs, and especially those in public practice, are encouraged to read the full report:
Questions
Should you have questions and/or require more information on the report, please contact Erin Wallish CPA, CA, Registrar & Director, Practice Review at ewallish@cpaalberta.ca. General questions on other issues related to professional services should be directed to Randy Nicholls, CPA, CA, Director, Member Engagement at rnicholls@cpaalberta.ca.
