Sunday News Roundup 22.01.30: Convoys, CPA Quebec, Mastering Money and more

Wrapping up the odds and ends in this week’s Canadian accounting news

Jan 30, 2022 Author: Canadian Accountant

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TORONTO, Jan. 30, 2022 – With all eyes on this week’s convoy protest in Ottawa against vaccine mandates, it was easy for the odds and ends of news from the past week in the Canadian accounting profession to go unnoticed. But Canadian Accountant is here to drive home your weekly news roundup.

CPA Quebec objects to audit investigation reform

The Canadian Public Accountability Board (CPAB), which reviews the public company audits conducted by accounting firms, recently published the responses from its public consulation. David Milstead at the Globe and Mail had the time to review the letters and found that CPA Quebec objects to the proposals to increase transparency. You can read all the responses here (there aren’t that many) and we will have more on this story in the future.

Deloitte wins big with Doug Ford

We will have more on this story later this week, but the Toronto Star has reported that Deloitte has won another lucrative pandemic-related government contract. The Doug Ford government has come through once again, this time to the tune of $22.4 million to Deloitte to run a paid sick leave program. Covid has indeed been kind to Deloitte.

Audit watchdogs: The worst case scenario

The British version of CPAB is called the Financial Reporting Council. As you likely know, the UK has seen a stream of high-profile audit failures over the past few years, and the record of the FRC (and its cosy relationship with the accounting profession) has come under scutiny. Now the incoming chair, Sir Jan du Plessis, says he will overhaul the UK accounting regulator within three months, according to the Financial Times.

Will Halifax CPA have a fool for a client?

Halifax accountant Jamie Stacey, currently under a CPA Nova Scotia interim suspension, fired his lawyer and may represent himself, according to Saltwire. The CPA is accused of defrauding the head of a local company of almost $1.5 million and was arraigned in Halifax provincial court last April but has yet to enter pleas.

The company alleges the Canadian accountant used “improperly transferred funds” to pay off a mortgage, then transferred his ownership interest in the property to his wife. The allegations have not been proven in court. In case you’re wondering, it was Abraham Lincoln who famously said, “A man who represents himself, has a fool for a client.”

M&A accounting activity

It was easy to miss the announcement by Grant Thornton earlier this month that they had acquired three accounting firms all based in Toronto: Elements LLP Advisors & CPAs, Sloan Partners LLP, and Steven Brates CPA. They made all three announcements on January 4, the first business day after the holiday break, which made it easy to miss. Thanks to Consulting.ca, you can read all about it here.

Mastering Money, Season 5 podcast

CPA Canada has begun releasing its fifth season of the Mastering Money podcast series, which features discussion around a variety of engaging topics, suitable for experts and laypersons alike. (Here’s an idea for practitioners: Include a link to the podcasts in your regular emails to clients.) This season’s Mastering Money podcasts answer these tough questions and more:

How can I learn to say no to financial peer pressure?
How can I approach my partner to talk about money before marriage?
How can I get my kids to care about money sooner rather than later?
What should I do to prepare in case I become critically ill?

Season 5 Schedule

Episode 1: How to talk to your teen about the money side of “adulting” (first aired January 20)
Robin Taub, CPA, CA and author of Raising Money-Smart Kids, lays out strategies parents can take for financially educating their kids.

Episode 2: How to talk to your partner about money (first airing January 27)
Wallace Howick, CPA, FCA and author of Love and Money: Conversations to Have Before You Get Married, discusses why planning for marriage should always include financial conversations.

Episode 3: How to mitigate financial peer pressure (first airing February 3)
Taheera Fidaali, CPA, CA and founder of TULA Accounting Consulting, on financial peer pressure and mastering the art of saying “no”.

Episode 4: How to talk to your banker about your money needs (first airing February 10)
Natalia Sandjian, Senior Manager with National Bank of Canada, tells listeners why speaking with your banker shouldn’t be intimidating or complicated.

Episode 5: How to talk about not dying (first airing February 17)
Dr. Daren Heyland, critical care physician and founder of the Plan Well Guide, talks about the importance of preparing for critical care in times of crisis.

Episode 6: The role of reverse mortgages in retirement planning (first airing February 24)
Join Steven Ranson, president and CEO of Home Equity Bank, talks about how a reverse mortgage could be a financially useful tool that may help people stay in their homes.