Information Required for Completion of the Practice Inspection Planning Questionnaire
Access to planning questionnaires and "declaration for exemption" forms is now available online for those offices selected for inspection in 2017-2018. The practice inspection forms are web-driven and the submission process is fully electronic; our letter to each selected office includes the link to access the forms.
Note: Access to the planning questionnaire is restricted to the Practice Inspection (PI) Contact (the addressee in the selection letter). In order to change the PI Contact, one of the firm’s designated contacts must log in to the Firm Secure Area and make the appropriate changes to their records. Refer to Frequently Asked Questions (FAQs) for further details, including a definition of who would be one of the firm’s “designated contacts.” We recommend that firms review their PI Contact information and if necessary, update it to ensure that your office’s correspondence from Practice Inspection is appropriately addressed.
Completing Your Planning Questionnaire
In order to be prepared to complete your planning questionnaire, we encourage firms that perform assurance engagements to gather the following information:
- Number of people designated as engagement partners that are responsible for audit, review, and compilation engagements. Please refer to FAQs for the definition of an engagement partner.
- Number of CPA staff members, registered students, and other staff members employed by your firm.
- Dates not available for inspection between May 23, 2017 to February 28, 2018, up to a maximum of eight (8) weeks. Please include any non-statutory religious holidays or peak workload periods within this eight-week exclusion period.
- Total number of audit, review and compilation engagements performed by the office, and the estimated total chargeable hours for each type of engagement.
- Approximate percentage of files that are electronic (i.e., “paperless”) and the software used.
- Number of client files/financial statements prepared in French, and the industry sectors of such clients.
- Number of non-public company financial statements prepared under International Financial Reporting Standards (IFRS), and the industry sector.
- Whether there are any CPAs or assurance engagements in your firm that are subject to investigation by the Professional Conduct Committee.
- Whether your firm has performed assurance engagements for clients with outstanding fees from the prior year, or clients obtained through a tendering process.
- Information about your firm’s quality control policies and procedures:
- When the quality assurance manual was last updated.
- When the last annual and cyclical monitoring had been completed (refer to FAQs for more guidance).
- Who performed the cyclical monitoring (internal/external to practice, name of monitor, level of experience).
- If your firm is a registrant with the Canadian Public Accountability Board (CPAB):
- Number of clients (and industry sector) overseen by a securities regulator.
- Date of most recent CPAB review (if applicable).
If your firm consists of less than 20 assurance engagements, OR only compilation engagements, you will be asked to submit a client listing (the Planning Questionnaires for such inspections incorporate a client listing template) with the following information:
- Dates not available for inspection between May 23, 2017 to February 28, 2018, up to a maximum of eight (8) weeks. (Please include any non-statutory religious holidays or peak workload periods within this eight-week exclusion period.)
- Engagement partner for each client.
- Industry/business sector and number of chargeable assurance/compilation hours for each client.
- Most recently completed year-end date.
- Whether the working papers and/or financial statements are prepared in French.
- Whether the working papers are stored electronically and the software being used.
- Whether the financial statements have been prepared under either the IFRS or PSAB financial reporting frameworks.
- The five largest compilation engagements per partner, and the total hours for all other compilations.
- For compilation engagement only practices, the ten largest compilation engagements and the total for all others.