The buck stops here

Article Abstract:

The Ontario Court's ruling on the case involving 466715 Ontario Ltd and Helen Proulx and Doane Raymond underscores that chartered accountants are not responsible for investigating internal controls in a review engagement, as long as they are presented with plausible financial statements. The case stemmed from fraud committed by the company's trusted bookkeeper, which was discovered only in 1994. The company charged that the CAs whom it had engaged since 1985 to review its financial statements should have detected the fraud. Under the court's ruling, the examination of internal controls is not a part of the review engagement.

Cases, Liability (Law), Legal liability

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Silent partners

Article Abstract:

Chartered accountants (CAs) often lose good clients because they fail to meet their clients' basic expectations of an adviser. To avoid the souring of the all-important client-adviser relationship, CAs should place themselves in their clients' position and evaluate the services they provide according to the level of professionalism, adequacy of advice and helpfulness of communications. They could then implement a number of proven measures for improving their relations with clients. These should include providing summaries of meetings and involving clients in brainstorming sessions.

Methods, Client development

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Adding value in our future

Article Abstract:

Canada's national and provincial institutes of chartered accountants are jointly pursuing changes aimed at keeping their profession relevant and adaptable to the changing market it serves. The Vision project, as it is called, will reform the profession's base educational program to meet the services now demanded from members. They will also try to improve governance of the profession to expedite these changes.

Professional Organizations, Professional Membership Assns, Editorial, Planning, Canada, Accounting firms, Accounting services, Professional associations, Canadian Institute of Chartered Accountants

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