Alberta embarrassment, audit expectations, business benefits and more



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TORONTO, October 24, 2021 – How well has Alberta final report in the foreign funding of anti-Alberta energy campaigns to the Canadian accounting profession? At a time when CPA Canada is pushing to host the proposed headquarters of a new global environmental accounting standards body, an Alberta FCPA and Deloitte Canada have become mired in the chaotic fiasco of a public inquiry into environmental activists.

The public inquiry was led by Steve Allan, FCPA, FCA, forensic accountant and former president of CPA Alberta, who was sued by conflict of interest accusations early on. Allan tapped Deloitte Canada, which was able to confirm between $ 37.5 million and $ 58.9 million (a very wide range) in foreign funding, in a report that ultimately admitted he could not find a specific dollar amount.

Allan and Alberta Premier Jason Kenney did not have the decency to appear for the report’s release, citing “legal advice to let the report speak for itself,” leaving the release to the Minister of Alberta Energy. Allan tried to reverse the fallout, saying environmentalists have genuine concerns and that the reputation of Alberta’s energy “war room” is likely irreparable, but the political damage has been done.

It is impossible to assess how much this will damage Canada’s reputation as an honest ESG player before the COP26 climate change conference. But that can’t help Canada’s bid – supported by CPA Canada, the financial industry and Finance Minister Chrystia Freeland – to welcome a new accounting body that would bring millions of dollars in business to Canada.

And now on to the rest of the junk in the news from the Canadian accounting world.

Covid services will be reduced. Now what?

Canadian accountants have long complained that the Keynesian economy of pandemic benefits was too generous for individuals – and not enough for businesses. The Canadian government has now announced a massive reduction in trade and individual benefits starting October 23. According to Patrick Brethour in The Globe and Mail, “Massive subsidies to workers and businesses during the pandemic are the main drivers of the large federal deficit, which was estimated at $ 354.2 billion in 2020-21, according to the federal budget. April. ”

Proposals from the accounting profession fill the gap in audit expectations

CPA Canada has partnered with ACCA, CNAC and CA ANZ to release a report reducing the “waiting gap”. Last week, CPA Canada issued a Press release on a new report, “Meeting Audit Expectations – The Way Forward on Fraud and Business Continuity: A Multi-Stakeholder Approach” (which can be downloaded here).

The report comes on the heels of high-profile audit failures, particularly with regard to fraud and pending cases, primarily in the US and UK. It offers a number of recommendations regarding the involvement of forensic accountants in audits, but does not call for their mandatory inclusion.

British Columbia Lawyers Challenge Anti-Money Laundering Policies

Lawyers say they should be excluded from BC money laundering policies The Canadian Press covered the show Last week, two British Columbia law associations argued in court that this client was “concerned about suggestions that there is a high risk of money laundering inherent in the work of lawyers.”

A coalition of groups has called for lawyers, bankers and accountants to be included in any future policies aimed at combating money laundering. CPA Canada and CPA BC appeared before the commission last March.

PwC sells its global mobility unit to private equity

To most Canadians, “global mobility” looks like a mobile phone service, but for PwC, it is an underperforming unit that advises businesses on tax and immigration matters when they move. their staff abroad. PwC therefore sells the unit and its significant activities in Australia, Canada and the Middle East to a US private equity firm. Global mobility consulting has been hit hard by the pandemic and changing business models. The unit has approx 15 employees in Canada.

As businesses move to hybrid work models, less foot traffic on the PATH

Interesting story last week in the Globe and Mail regarding Toronto’s massive underground trading system known as PATH. It appears that foot traffic in PATH has slowed as tenants of Bay Street office towers shifted their employees to hybrid work models, including PwC Canada.

Small retail stores – from grocery stores to fashion stores to shoe shine stalls – rely on white collar workers in the towers above them. Once considered a highly desirable retail space, businesses are struggling.

KPMG Acquires Ottawa CPA Firm

Accounting firm Allan and Partners LLP of Perth, Ontario, southwest of Ottawa, was bought by KPMG Canada. The Big Four accounting firm selected several smaller firms in the Ottawa area on both sides of the provincial border. “It’s important to us,” said founder Howard Allan. “I am happy that KPMG is coming to Perth.

Quick shots

Kelowna tourist tax set to continue for another five years
Climate disclosures finally have their time in the sun
Former accountant faces criminal charges
Why Conservative Critics of Carbon Pricing Are Filled with Hot Air

By Canadian accounting staff.


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