How Much Professional Monitoring is There of CPAs in Ontario?

The monitoring of CPAs in Ontario is serious and on-going. In fact, the quality and depth of the profession’s self-regulation goes a long way to explaining why Chartered Professional Accountants are held in such high regard.
Accountants providing assurance for their clients must follow standard monitoring processes. They include reviews of financial statements; cyclical inspections of a firm’s completed files; review engagements and more; all the way up to a full audit.
In this way, CPAs satisfy the highest legislative, regulatory and professional standards.
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The word ‘assurance’ means a lot in the accounting industry. A range of processes enable Chartered Professional Accountants (CPAs) to provide assurance to clients that they are compliant with legislative, regulatory and professional standards. Monitoring allows firms to assess their quality control system annually – and are either carried out by the firm itself or by outside CPAs with experience in review processes.

The highest level of inspection is the audit, which provides findings that are of great value to organizations and stakeholders, and add credibility for decisions being made by the client, going forward.

At a more moderate level of assurance there are engagement reviews and cyclical inspections, in which files by a client are examined for red flags.

In addition to this on-going self-regulation, CPAs are constantly working to assist their own clients to stay up-to-date with professional standards – using generally accepted accounting principles.

Contact a local firm, if your business requires monitoring by a CPA, and find out the many other ways a CPA can assist you in Ontario today.