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Are you ready for practice Inspection (provincial or CPAB)?

Do you employ an independent Completed File Monitor?

Is ongoing monitoring being performed on an annual basis?

Do you prepare an annual practice improvement plan?

Is staff coaching or small group training needed on specific topics?

About Us

FocusHGK is a specialised firm that focuses exclusively on assisting accounting firms to comply with professional standards in the most cost effective manner possible. We provide objective advice based on our extensive experience in performing quality control monitoring and related services.

Compliance Services

Description

Minimum

Recommended

Completed File Monitoring

Review of one assurance file per partner

Review of two assurance files (audit and review) per partner and provide recommendations

Ongoing Monitoring

Review of annual report

Perform the review, prepare report and provide recommendations

ECQR's

Engagements meeting the firm criteria

Perform review for all higher risk engagements within firm

QC Improvement Plans

Review of annual plan

Prepare cost effective plan based on findings from monitoring activities


Value Added Services

F/S Reviews

• Review of F/S for selected engagements based on pre-determined criteria

Efficiency of Engagement Workflow

• Review of current practice and recommendations for changes
• Suggestions for revisions to Firm policies and procedures
• Partner Staff coaching on productivity improvements

Small Group Training
and Coaching

•Annual refresher course for partners and staff
•Coaching aimed at understanding forms and complying with standards
•Training directed at identified QC weaknesses and changes in standards

Annual Self-Assessment

To comply with the first element of monitoring (ongoing compliance with Firm policies) Firms have a choice. They can hire an external person or do the work themselves.

Although doing it yourself is likely cheaper, small firms may not have people who are suitably qualified or the necessary time required. FocusROI is offering an approach that combines the best of both options for a very affordable cost.

FocusROI is currently developing an on-line self-assessment tool. This will enable subscribing Firms to go online (at any time, day or night) and respond to a questionnaire (that will be kept entirely confidential) on quality control within their Firm. Some of the benefits of this approach are as follows:

1. Convenience and time saving;
2. Receive instant feedback on whether the Firm is in compliance with professional standards;
3. Receive recommendations for action required in areas where weaknesses were identified;
4. Production of the required annual monitoring report for the Firm;
5. Access to other relevant resources and FocusROI personnel for further assistance as required; and,
6. Lower costs incurred than any other option.

Completed File Inspections

FocusROI has professionals who have been partners and managers in large accounting firms and have extensive experience in reviewing engagement files. Some of the benefits of employing these professionals to inspect your files are as follows:

1. Our objective inspections will ensure compliance with the cyclical file inspection requirements
2. Prepares firm for the next practice inspection
3. Quickly identifies potential file deficiencies and firm training needs
4. Guidance available on key accounting and auditing issues
5. Assessment of engagement efficiency in relation to best practices
6. Report prepared on findings including recommendations for action
7. Confidentiality of information and results.

Related Services

In addition to the above we can help in the following areas:

1. Designing or updating your Firms quality assurance manual
2. Writing the annual communication to staff based on the results of monitoring
3. Identify improvements in engagement efficiency and office workflow
4. Training sessions (live and/or web based)
5. Personalized coaching sessions
6. Speech writing

Next Steps
Call Stephanie Ki at (416) 594-0005 extension 3 or email her at ski@focusROI.com for additional information and a fee quotation.