Quality Control Management

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Monitoring

Focus HGK partners and staff have extensive experience providing external monitoring reviews as required by the CPA Canada Handbook.

    • On-going Policy Monitoring (OPM)
      Firms must assess their quality control system annually and prepare reports on their findings. While firms can undertake this process themselves, they may not have an individual on staff with the requisite qualifications or the time to complete the assessment. Focus HGK LLP has the expertise and the experience to offer these services.
      Quality Assurance Manual (QAM) Review
      As part of the On-going Policy Monitoring, firms are also required to maintain a quality assurance manual. Focus HGK LLP will review your firm’s QAM to ensure that it is up-to-date with the professional standards.
    • Completed File Monitoring (CFM)
      Cyclical inspection of completed files: Once every three years, at least one assurance engagement per partner must be inspected. Focus HGK LLP has extensive experience reviewing assurance engagement files.The benefits of hiring our firm to complete this cyclical inspection include:

      • Ensuring your firm’s compliance with the required cyclical inspection
      • Identifying file deficiencies and firm training needs
      • Having someone to provide guidance on accounting and assurance issues

      When the inspection is complete, we provide a report of our findings with recommended corrective action.

    Based on our findings from the above monitoring activities, we provide recommendations and action plans on how to improve engagement efficiency, through the effective use of PEG (Professional Engagement Guide) forms and other templates.

EQCR

Our team of qualified CPAs have the expertise to perform engagement quality control reviews (EQCR) on select engagements that meet firm-specific criteria. We perform EQCRs on the following accounting frameworks:

  • Accounting Standards for Private Enterprises (ASPE)
  • International Financial Reporting Standards (IFRS)
  • Accounting Standards for Not-for-Profit Organizations (ASNPO)

Financial Statement Reviews

  • Review client financial statements under ASPE, IFRS and ASNPO frameworks to ensure that the financial statements contain all required disclosures as per the respective standards.
  • Provide firms with suggestions and sample disclosures where required

Quality Control

As a firm, our growth over the last thirty years has familiarized us intimately with the processes of small and medium-sized firms and sole practitioners. This means that whether in the capacity of a complete file monitor, ongoing policy monitor, or as a second partner review for sole practitioners, the expertise and experience of our team at HGK LLP qualifies us uniquely to understand the operations, systems, and infrastructure of your firm, and to provide you with the insight you need to make any necessary improvements.