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Practice Inspection Checklist
Based on June 2006 letter to
all practising offices
in Ontario -
FOCUS ON PRACTICE INSPECTION FINDINGS – 2005-2006
This
checklist differs from traditional checklists in many ways including:
- The entire checklist has
been automated which expands and contracts as needed;
- Detailed steps are
revealed ONLY WHEN NEEDED, based on built in logic (which can be
modified by the firm);
- Questions which are no
longer needed disappear, based on built in logic (which can be
modified by the firm);
- Firm specialists can edit the
checklist and add automated questions (with password protection
to prevent unauthorized changes);
- It includes a word search
feature that assists staff to use reference material;
- Some questions are linked
to documents outlining ICAO Rules of Professional Conduct, e.g.
dealing with independence;
- It accommodates unlimited
explanations and/or descriptions of
research and findings;
- It permits direct linking
of questions to supporting documentation;
- It assists reviewers to be
more productive and efficient;
- It facilitates
the collection and organization of information and the identification
of known issues for outside or internal specialists making their
involvement more efficient.
The ICAO
provides the letter referred to above, to assist chartered accounting firms
in complying with the benchmarks of the profession. In 2005, other provincial institutes
reproduced the 2004-2005 version of this letter for distribution to their
members.
This
checklist is based on the above letter, it has not been approved nor has it
been reviewed by the ICAO.
This checklist has over 150 questions
derived from the above letter and is designed to be used on both audit and
review files and to assist practitioners keep current with new standards.
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