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Balancing essential services with health standards | Physical inventory counts | Financial reporting and assurance | Tax deadline extensions
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On the necessary balance of essential services and health standards
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In the context of the COVID-19 pandemic, we insist on the need of all CPAs to fully comply with the government’s health instructions and directives, even if the services provided by CPAs have been defined as essential.
The government’s standards state, among other things, that employees who are required in a workplace that is not subject to a Quebec government suspension must maintain, as far as possible, a minimum distance of 2 metres between them.
We also invite you to consult the government’s FAQ on employment-related matters. The page states, among other things, that employers must take all necessary steps to protect workers’ health and ensure their safety and physical well-being. For example, they must apply the hygiene measures needed to limit the spread of a virus. They can also introduce work practices that promote social distancing in order to minimize risk. The practices may, for example, include avoiding non-essential face-to-face meetings, using technology for communications with and between workers, and promoting teleworking.
We remind you that in this time of health crisis, failure to comply with the directives could raise both civil and disciplinary liability issues. The Order is therefore counting on your full and complete cooperation.
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The challenge of performing physical inventory counts as at March 31, 2020
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Performing physical inventory counts is certainly one of the first challenges you will face as an auditor for an entity whose year-end will fall in the midst of the crisis. What are the requirements and factors to take into account?
Read the article >
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Potential financial reporting and audit implications of the COVID-19 pandemic for fiscal years ended before March 1, 2020
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Is the pandemic a post-balance sheet event? Should financial statements be adjusted to consider subsequent events related to COVID-19? To what extent does the current situation constitute material uncertainty that may cast significant doubt about the going concern assumption? These are just some of the questions addressed in this article.
Read the article >
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Additional relief measures announced by the federal and Quebec governments
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The federal government announced broad tax deadline extensions as part of the COVID-19 economic relief package. It has deferred until June 1, 2020 most administrative income tax measures, including the March 31 deadline for T1134 forms and T2s. The March 31, April 30 and May 31 GST and QST remittances have also been extended to June 30.
Go to the Order’s website for details of the relief measures >
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RESOURCES FOR CPAS DURING THE COVID-19 CRISIS
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To help you stay current with news that has an impact on our profession and easily find resources to adjust your work methods, we developed a special, constantly updated web page available to you.
Visit the "Coronavirus (COVID-19)" page >
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