Preparing For a Successful Practice Inspection 2024

For many firms, getting that letter notifying you of your upcoming Provincial practice inspection is a source of stress and uncertainty. Provincial Practice Inspections aim to identify areas where offices may not adhere to prescribed professional standards set out in the CPA Canada Handbook, through an assessment of quality controls and review of current assurance and compilation engagement files.

Getting ready early for an inspection often has a significant impact on how smoothly the inspection will run and avoids the stress of scrambling at the end to assemble the firm’s manuals, reports, and files for inspection.

The goal of the session is to help you understand the process, what areas will be examined by inspectors and how to prepare in advance of the inspections.

  

Who Should Attend?

Senior CPAs: Partners, Managing Partners, Senior Accountants
Services: Auditing and Compilation Engagements

Event Agenda

Welcome Intro (Steven Kark)

 

 Preparing For a Successful Practice Inspection 2024 (Marcus Guenther) 

• • 1. Overview of the inspection process.
    • 2. Overview of the key elements of the firm’s quality management process that will be inspected, including:
    • The Firm’s System Quality Management, Quality Management Manual to document firm policies, Annual monitoring activities, Cyclical or completed file monitoring, the Role of the monitor and the managing partner.
    • 3. Key areas that require planning.
    • 4. Common deficiencies and areas to watch out for.
    • 5. Managing the actual inspection and response, i.e. action plan, to CPAO.

Closing / Q&A (Marcus Guenther)

Marcus Guenther MBA, CPA, CA