- William A. Foster
The Public expects Canada's public accounting professionals to demonstrate clearly that quality is the core element of their engagements. The implementation of the Quality Assurance Manual (QAM) is an important response to this expectation. The Quality Assurance Manual (now a requirement for all practices completing assurance engagements) is an effort to document policies and procedures that have long been followed by professional accountants but were not prescibed as professional standards. However, implemenation of some of these new standards, such as the new independence rules and the need to have a file review monitor, does present some difficulties for sole-practitioners and small firms.1
Practitioners, competing to attract new clients, have put up many walls between themselves within the profession. Many are not comfortable with sharing files. Now practitioners must begin to collaborate with others, not only to comply with the new rules but also to enhance the service that they have provided to their clients in the past. It is critical for practitioners to forge relationships with other public accountants who provide complimentary services to their own in order to fulfill the new requirements.
Public Accounting "began with the mission to serve clients, to be independent and to provide knowledgeable opinions."2 In order to continue to pursue this mission, practitioners now need to work together more.
CMA BC Public Accountants meet together monthly at the Bonsor Recreation Centre conference room, 6550 Avenue, Burnaby, BC. If you wish to attend the next meeting, please contact Robert Holmes at robert@blackfishcma.com.
Should you need to purchase a Quality Assurance Manual, one can be obtained by visiting the following website: www.knotia.ca/store
1. www.cica.ca, "Message to Practitioners in Small Practices on Quality Control"
2. www.camagazine.com, Grant C. Robinson, "New rules, new opportunities"
