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It’s common to hear that CPAs are stressed out attempting to stay current with all the changes to regulations and accounting and assurance standards. Some practitioners have responded to this pressure by getting out of the auditing business altogether and focusing on review or notice-to-reader engagements because of the time involved in studying the new rules, understanding them and figuring out how to apply them.
The shift has been a boon for MNP LLP, a firm that makes specialization a strategic priority. "If you only do one or two audit engagements, for example, you’ll never recover the investment of time and effort to stay on top of the rules," says Joe Bates, a partner at MNP in Markham, Ont., specializing in the credit union and not-for-profit sector. "You increase risk and reduce recovery.
Read the full article here.
Taryn Abate, CPA, CA, CPA (ILL.)
Categories:Assurance ＆ Accounting
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