Report on Reportable Deficiencies 2018-2019

The Practice Inspection Committee has now issued its Report on Reportable Deficiencies for the 2018-2019 fiscal year. This annual report contains valuable information on common theme deficiencies of firms inspected in the 2018-2019 inspection cycle.

PRACTICE INSPECTION COMMITTEE

Members of this committee for 2019-2020 are:

  • John Clark, CPA, CA (Chair)
  • Blair Northcott, CPA, CA
  • Lucie Nadeau, CPA, CA
  • Carol LeBlanc, CPA, CMA
  • Peter Spacek, CPA, CA
  • Donald Cormier, CPA, CA
  • Janice Leahy, CPA, CA

The mandate of the Practice Inspection Committee (“PIC”) is to oversee practice inspections of all public practices registered with CPA New Brunswick in a manner that will conform, to the greatest extent possible, with the harmonized practice inspection program.

The committee's role is to protect the public interest while at the same time providing a learning opportunity for public practices by assessing the compliance with professional standards of members/ firms who perform assurance, compilation and other specified engagements, and by taking appropriate follow-up or remedial actions in instances of non-compliance.

We again met our targeted number of practice inspections in 2018-19. In total, the Practice Inspection Committee (“PIC”) has inspected 43 public practices in this cycle which represents over 200 engagement files.

The “PIC” has now issued its Report on Reportable Deficiencies for the 2018-2019 fiscal year. This annual report contains valuable information on common theme deficiencies of firms inspected in the 2018-2019 inspection cycle.