FAQ's

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• What is the hourly rate for a practice review?

  The hourly rate is set annually by Council. The current rate is $190 per hour per practice reviewer. There is no charge for travel time to and from the firm location.

• What is a Quality Assurance Manual (QAM)?

  The QAM is a guide for public accounting firms to improve their engagement quality, and overall firm management – through an emphasis on quality and sequence of monitoring processes. To purchase a QAM (www.knotia.ca/store/qam).

• How often do I need to have a practice review?

  All registered public accounting firms or professional service provider’s reviews are to be conducted not less than once every 3 years.  When necessary, follow-up reviews are conducted within 12 months of the initial review.

• What is the approach for a limited scope follow-up practice review?

  A limited scope follow-up review will include, at a minimum, the area(s) of major deficiency from the prior visit. The area(s) of major deficiency are noted in Exhibit A of the firm’s last practice review report.
  During the follow-up visit, the reviewer will select a sample of engagements that is representative of the firm’s client base. To ensure the process is efficient, we request that you provide the reviewer the financial statements, current working paper file, tax file, and permanent file (if applicable) for each client selected. The reviewer will focus the practice review procedures on the area(s) of major deficiency in the last practice review but may perform procedures on other areas of practice.
  During our visit, the reviewer will also require a meeting with you to discuss how the firm has addressed all items noted in Exhibit B and D of the firm’s practice review report. Your comments are critical for the Practice Review Committee to understand the initiatives taken since our last visit.
  

• What is a desk review?

  Desk reviews are practice reviews that are performed at the ICAA office. Desk reviews are generally performed for firms that have few files and are typically only compilation engagements. Firms are contacted prior to their review to notifying them of the selected files to be reviewed and these files are subsequently forwarded to the ICAA office.