The success of a CPA firm is based on the quality of services performed which also builds the firm’s reputation. The message from the firm’s leadership must consistently stress the importance that quality plays.
Reputation is also protected by having appropriate and effective controls in place. Filling the Professional Practice role is the most effective control and sends a strong message.
Everything I do, is to drive the highest quality. My beliefs are that, regardless of complexity:
- the quality of assurance engagements must be maintained; and
- the resulting financial reporting should be transparent, clear and understandable.
Value added includes:
- Ensure high quality work through best practices and compliance
- Effectively manage risks associated with signing assurance reports
- Proactively control the engagement process by identifying complications and resolving them in real time
- Reduce compliance & regulatory risks from CPA Ontario and CPAB inspections
- Free up your time so you can build your practice
- Provide continuous learning for all professional staff and partners
Depending on the size and complexity of your practice, services are available to fill the Professional Practice role at the firm level or for individual engagements only.
The following menu of Professional Practice services can be tailored to match your exact needs and can be varied as your practice and client needs evolve over time:
- Defining and monitoring firm policies
- Opining on independence questions
- Providing oversight and input to the firm’s assurance engagements to ensure all standards are met and best practices are applied
- Contributing expert advice on technical issues as they arise
- Monitoring completed files to ensure firm and professional standards are adhered to
- Approving draft financial statements for all assurance engagements prior to their release for client approval
- Developing and delivering training to partners and professional staff to enable quality work
- Acting as the firm liaison for CPA Ontario and other regulators (such as CPAB, OSC, MFDA)
- Ensuring templates comply with current standards and best practices
Engagement Level Services
Limited services can be acquired to manage risk on specific engagements only.
- Contributing expert advice as needed
- Approving draft financial statements prior to release for client approval
- Engagement Quality Control Reviewer where expertise is required but is not available within the firm
- Preparing financial statements including documenting financial reporting positions taken
Whatever the project scope, deliverables can include appropriate documentation for your file to corroborate the conclusions reached. Such documentation ensures the working papers stand up to scrutiny by the institute or regulators (for example, the Canadian Public Accountability Board, CPAB).
Engagements are usually on a fixed fee basis, which provides certainty over the cost.
Furthermore, Rhodes Professional Corporation is engaged for services directly by your firm, meaning a seamless service to your client and leaving the client relationship entirely with you.