Practice Reviews

Objectives

The Practice Review program fulfills a mandatory requirement for CPA Alberta to review all registered professional accounting firms (PAFs) and professional services providers (PSPs) who perform assurance, compilation and/or tax services, while providing an educational experience to members and firms.

The objective of a practice review is to protect the public by assessing the firm's compliance with professional standards and, in instances of non-compliance, to take appropriate follow-up or remedial action.

Committee and Reviewers
Practice Review Process

Overview

The purpose of a practice review is to determine whether the practice of a professional accounting firm (PAF) or professional service provider (PSP):

  1. Complies with the standards set out in the CPA Canada Handbook - Accounting and Assurance and the CPA Canada Public Sector Accounting Handbook;
  2. Complies with the standards of practice as set out in the CPA Alberta Rules of Professional Conduct;
  3. Maintains sufficiently high standards in regards to generally accepted standards in the profession; and
  4. Adheres to the identified tax practice standards as approved by the CPA Alberta Board.

The scope of the practice review covers primarily the assurance and taxpractice of the firm. Other services such as bankruptcy or management advisory services are not directly encompassed by the review, except to the extent that they are associated with professional standards.

Quality management policies and procedures adopted by a firm provide reasonable evidence that assurance, non-assurance, tax service and other engagements are carried out in accordance with the standards set out in the CPA Canada Handbook, CPA Canada Public Sector Accounting Handbook, CPA Alberta Rules of Professional Conduct, tax standards approved by the CPA Alberta Board, and other general standards of the profession.

Practice reviews are primarily intended to evaluate whether a firm's quality management policies and procedures for its assurance, non-assurance and tax services are appropriately comprehensive and suitably designed. A professional accounting firm or professional service provider may find it useful to document its quality management procedures prior to the practice review.

FAQs

All CPA Alberta professional accounting firms (PAF) and professional service providers (PSP) must participate in the Practice Review Program to ensure compliance with professional standards and to support high-quality service delivery.

If your firm provides services such as assurance (audit or review engagements), compilations, or tax services, you will fall within the scope of the program.

 

All registered CPA professional accounting firms (PAF) and professional service providers (PSP) must undergo a practice review at least once every three years.

Newly registered firms will have a practice review within their first year of registration.

 

The hourly rate is set by the CPA Alberta Board. Effective April 1, 2023, the rate is $220 per hour per Practice Reviewer.

There is no charge for travel time to and from the firm location.

The duration varies depending on the number of partners, scope of files selected for review, and the complexity of the engagements.

Practice reviews are conducted using a hybrid approach that includes both remote and on-site. At the time of your review, you may be asked to submit your firm’s files electronically through CPA Alberta’s secure file transfer system to support the remote review process.

If your firm maintains paper-based files, you may be required to scan or convert selected files into electronic format for submission. In some cases, an on-site visit may also be part of the review process.

 

Once you receive notice that your firm is due for a practice review, the questionnaires will be found in the member/firm portal: https://portal.cpaalberta.ca/login 

Your username is your member/firm number.

If you have forgotten your password, you can reset it here: https://services.cpaalberta.ca/Camms/Resetpassword 

An email will be sent to you with instructions.

After logging in, select “Practice Review” from the menu located on the right-hand side of your screen:

FAQ

 

A System of Quality Management (SOQM) is the framework that a firm establishes and maintains in accordance with Canadian Standard on Quality Management (CSQM 1 & CSQM 2) to ensure the consistent performance of quality audits, reviews of financial statements, and other assurance or related services engagements. It applies to any firm that performs these types of engagements and is designed to support the firm in meeting professional standards and applicable regulatory requirements.

Each registered firm designates an individual as the Practice Review Contact (PR Contact) and Head Office (HO) designate. This person serves as the primary contact for all practice review matters. If you have questions about who is listed as your firm’s contact or how to update this information, please email practicereview@cpaalberta.ca.

 

 

Focus on Practice Review 2023

Each year, the findings of the practice review program are analyzed and common deficiencies across the country and province are identified and shared with CPAs in order to help them fulfill their professional responsibilities. Practice Review plays an essential role in protecting the public by assessing firms’ compliance with professional standards and taking appropriate follow-up action or remedial action in instances of non-compliance, and providing one-on-one interaction and education to firms. 

2023 Focus on Practice Review
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