It has been quite the year for the Canadian accounting profession, and for Allinial Global Canada as we built a myriad of new support services and third-party vendor relationships to help members stay ahead of the curve in a quickly evolving market.
New in Standards and Assurance
The Canadian market has seen a busy year in standards and assurance. Montreal was backed with global support as one of two key locations for the International Sustainability Standards Board (ISSB). Sustainability has remained on every agenda at Allinial Global Canada roundtables and conferences, and it’s great to see Canada receive some international notoriety for leadership in applying sustainable policies and processes.
In 2021 we created a Standards Committee focus group to address services for Allinial Global Canada and also went live with a webinar series specific to the region, beginning with a webinar on preparing for the new compilation standard (CSRS 4200). Member feedback has been extremely positive, and our partnership with 20-20 Services is another example of how we can deliver proactive solutions for impending regulatory changes.
We also engaged Diane McDonald, former director of the Canadian Public Accountability Board, to facilitate monthly calls. Members have been pleased with this addition, and Derek Shultz, Partner with KBH CPA in Edmonton, shared that “Diane always keeps us up to date. She’s a great resource for implementation advisement and always available to answer any questions.”
Also notable for Canadian compliance are the new requirements that came into effect June 1, 2021, for Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Knowing your client, updating record keeping, and reporting to FINTRAC are all facets of these changes.
Tax and Practice Management Updates
With a busy tax season made more complex by COVID-19–related programs, meeting client needs continues to be a key discussion piece. Firms that successfully meet client needs have adopted or evolved key elements of their business, including automation, newer practice management software, successful outsourcing strategies, and technical resources on demand.
Allinial Global Canada is building partnerships with third-party vendors that offer member firms valuable resources for tax and practice management. CaseWare, a Canada-based firm, is a great example. In the fourth quarter we also added Moodys Tax Plus to our list of support services. Their tax and Tax Law Support Desk provides members with technical support, as well as customized seminars and a facilitator for monthly “Hot Topic” virtual meetings.
Webinars for tax-related education and other resources are on the way in 2022 as well. Our members asked, and we are happy to have answered. After trying numerous options in the Canadian market, we found that none had the ability to customize and grow with us quite like the progressive and well-known Moodys Tax Plus.
Finally, a successful partnership between Allinial Global and LumiQ resulted in a pilot project that enabled Allinial Global member firms to access valuable content and receive much-needed CPD credits before the December 31 deadline. LumiQ’s inventory is constantly growing and provides an entertaining and informative balance to continuing education.
Advisory
With advisory still a growing sector, our firms are seizing opportunities to grow their skills through our strategic partnership with Mindshop. Every Allinial Global Canada member firm is using this resource to get ahead, and as the Canadian Director I have also found it valuable in my efforts to improve my support for members.
Winning with a Client-First Approach
In 2021 member firm McCay Duff LLP won ClearlyRated’s Best of Accounting Award. This prestigious award recognizes exceptionally high levels of client service, with clients of award recipients twice as likely to be satisfied as those who work with other firms.
McCay Duff’s success is a testament to the progressive, client-first nature of Allinial Global Canada members and the growing support within this community as our members set the stage for a growing presence in the region in 2022.
Looking Ahead
It has been a busy year for mid-market firms. Lockdowns have been severe in much of the country throughout 2021 as we see the effects of new variants, but there are signs of change, with some measures being lifted as recently as last week.
Our members thrive on the community, cutting-edge content and speakers, and networking at conferences and technical events, and we look forward to resuming in-person events going forward. Allinial Global Canada leaders are set to meet for our annual virtual Summit in February, and having heard news of growth across the board, I am excited to chart the path with our leaders for a successful 2022.
If you’d like to explore an opportunity to join the Allinial Global membership and learn how we can support your firm, please contact me anytime.
