See the best practices to end a client relationship

CPA NEWSLETTER

THE OFFICIAL VOICE OF THE ORDER

How to end a client relationship in a professional manner

You may want to end a client relationship for various reasons, but only fair, reasonable grounds for doing so give you the right to terminate it. In fact, how you take action is of central importance. By proceeding in a professional manner, you reduce the risk of damaging your reputation and making a problematic situation worse.

SEE THE 5 BEST PRACTICES TO DO IT

NEWS

Continuing education: have you planned your training for the year and period ending on August 31?

Every year, a new three-year reference period begins on September 1. That is how the 2021-2022 year can fall within several reference periods. Keep in mind that in a three-year period, you must globally accumulate a minimum of 120 hours of continuing education (including 4 hours on professional ethics), and a minimum of 25 hours between September 1 and August 31 of every year.

REQUIREMENTS THAT APPLY TO YOUR SITUATION

SPECIFIC REQUIREMENTS FOR RETIRED MEMBERS

Supervision of practical experience and protection of trainees

While fully supporting the objectives of Bill 14 to ensure the protection of trainees in the workplace, the Order has reservations about the proposed mechanisms and reiterates the importance of respecting the autonomy and expertise of professional orders.

READ OUR RECOMMENDATIONS (IN FRENCH ONLY)

DIGITAL AGE

Establishing effective IT and data governance

Effective IT and data governance can create and sustain value, provide competitive advantages, and help achieve strategic goals.

LEARN HOW

EXPERT ADVICE AND RESOURCES

CAS 315: Preparing for the new risk identification and assessment standard

Significant changes have been made to Canadian Auditing Standard (CAS) 315. The revised CAS is effective for audits of financial statements for periods starting on or after December 15, 2021.

LEARN MORE

Update from Revenu Québec about the new beneficial ownership reporting requirements for trusts

For 2021, Revenu Québec is relaxing the obligation for trusts to provide the additional information requested in Part 6 and Schedule G of the return.

VISIT THE REVENU QUÉBEC WEBSITE

CRA responds to the top questions from CPAs

CPAs conducted an interview with the CRA about certain administrative processes (ex.: collection, audit) and their interpretation of some tax provisions (ex.: accelerated investment incentive).

SEE THE CRA’S RESPONSES

Compliance engagement types: what should be considered?

Help your clients and potential clients decide what type of compliance engagement is likely to best meet their needs.

READ THE COMPARATIVE SUMMARY

New briefing for Not-for-Profit Organizations – Section 4449, Combinations by Not-for-Profit Organizations

Learn more about the new accounting guidelines of Section 4449 in Part III of the CPA Canada Handbook and see examples of how they can be applied.

CONSULT THE DOCUMENTATION

ASPE – Amendments related to the benchmark interest rates reform

Section 3856, Financial Instruments, has been amended to provide relief to debt modification accounting and hedge accounting during the reform of benchmark interest rates (IBOR reform). These amendments are effective for fiscal years ending on or after February 1, 2022. Earlier application is permitted, including in financial statements not yet authorized for issue.

CRA’s Dedicated Telephone Service for income tax service providers

CRA provides a Dedicated Telephone Service (DTS) for small and medium income tax service providers that connects income tax professionals with experienced CRA officers from the Income Tax Rulings Directorate who can help practitioners with their interpretative issues related to the Income Tax Act.

LEARN MORE ABOUT THE DTS

Webinar – The future of accounting and auditing standard setting

Attend this webinar on February 15 (in English) and February 16 (in French), to get a breakdown on the basics of what the Independent Review Committee on Standard Setting in Canada is thinking when it comes to accounting and auditing standard setting, as well as what might be needed for the future—including the development of sustainability standards.

Improving audit quality – Publications by the Canadian Public Accountability Board

Disbursement procedures for social utility trusts established for landfills

With members of the Order’s working group on assurance reports, the Ministère de l'Environnement et de la Lutte contre les changements climatiques (MELCC) has issued new measures about the agreed-upon procedures for post-closure landfills operated by social utility trusts to comply with the new requirements of the Canadian Standard on Related Services (CSRS) 4400.

SEE THE STEPS TO TAKE

CONSULT THE DOCUMENTATION (IN FRENCH ONLY)

NEWS
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EXPERT ADVICE AND RESOURCES
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