Skip to main content

Featured

Reaching Your CPP Contribution Maximum: What Workers Need to Know

  Understanding when you’ve hit the Canada Pension Plan (CPP) maximum contribution for the year can save you confusion—and help you make sense of your paycheques as the year goes on. The CPP is designed with an annual limit, meaning once you’ve contributed the maximum required amount, no further CPP deductions should come off your income for the rest of that calendar year. How CPP Contributions Work CPP contributions are based on: Your employment income The year’s maximum pensionable earnings (YMPE) The CPP contribution rate Each year, the federal government sets: A maximum amount of income on which CPP contributions apply (the YMPE) The maximum total contribution you and your employer must make Once your income reaches that threshold, your contributions stop automatically. How to Know You’ve Reached the Maximum Here are the simplest ways to tell: Check your pay stub Your pay stub shows year‑to‑date CPP contributions. Compare this number to the annual maximum ...
Post a Comment
Read more

article

Labels

How Deloitte's audit work was backdated and why CPA Ontario fined them $1.59-million

 


Deloitte is one of the Big Four accounting firms that provide audit, tax, consulting and financial advisory services to clients worldwide. As a professional service provider, Deloitte is expected to adhere to high standards of quality, ethics and integrity in its work. However, in a recent disciplinary case, Deloitte admitted that it had violated several rules and regulations of the Chartered Professional Accountants of Ontario (CPA Ontario), the regulatory body that oversees the accounting profession in the province.

According to CPA Ontario, Deloitte and some of its partners and staff engaged in improper conduct in relation to the audits of two public companies, identified as Company A and Company B, for the fiscal years 2014 to 2016. The improper conduct included backdating audit workpapers, altering or deleting audit evidence, failing to obtain sufficient and appropriate audit evidence, failing to exercise professional skepticism and due care, and failing to comply with the Canadian Auditing Standards.

CPA Ontario also found that Deloitte failed to report the improper conduct to the regulator, as required by the bylaws, and failed to cooperate fully with the regulator's investigation. Deloitte also failed to implement adequate quality control policies and procedures to prevent or detect such improper conduct.

As a result of these findings, CPA Ontario imposed a total of $1.59-million in penalties on Deloitte and its partners and staff involved in the case. The penalties included fines, costs, reprimands, suspensions and restrictions on practice. Deloitte agreed to pay the penalties and admitted to the facts and liability in a settlement agreement with CPA Ontario.

The disciplinary case is a serious blow to Deloitte's reputation and credibility as an auditor. It also raises questions about the quality and reliability of the audits performed by Deloitte for other clients. The case also highlights the importance of having effective oversight and enforcement mechanisms for the accounting profession, to protect the public interest and maintain trust in the financial reporting system.


Labels:

Comments

Post a Comment