MNP Comment Letter - Overall Explanatory Memorandum (International)

Category: Assurance

MNP Comment Letter - Overall Explanatory Memorandum (International)


In our view it would be helpful if additional practical examples could be made available, further to the draft examples in the document “Draft Examples: How the nature and circumstances of the Firm and the engagements it performs affect the implementation of proposed ISQM 1.” Specifically, practical examples to further assist with the risk assessment process would be beneficial as this aspect of the 2 standard is most subjective and most difficult to apply. Guidance or information on how “likelihood” and “effect” could be measured / defined (e.g. rating scales, ranges, definitions, etc.) would be helpful. In our view the standard is limited with respect to recommendations or guidance in support of the development of innovative monitoring techniques and we would welcome further guidance and practical examples.

MNP Comment Letter - Overall Explanatory Memorandum (International)

Contact a member of MNP's Financial Reporting Team

Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.