Mind your standards: common practice review reportable deficiencies

Mind your standards: common practice review reportable deficiencies

Each year, the Practice Review Committee reviews the provincial practice review results, as well as the common deficiencies noted across the country, to identify common areas where adherence to the CPA Canada Handbook recommendations could be improved. This information is then published in an advisory that outlines the common deficiencies in the areas of financial statement presentation; documentation of audit, review and compilation engagements; and documentation of and implementation of quality control policies and procedures. As well, a list of helpful resources and tools are included that may prove useful in obtaining an understanding of and complying with requirements.

The advisory is a valuable resource in ensuring your firm is performing at its peak! To read it, click here!

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