2016 was the the final year that C•PEM will be published. In the fall of 2017, the manual was replaced by a new publication entitled the Professional Engagement Guide (PEG). The PEG has been significantly updated and revised and includes new material from the CGA Professional Practice Manual. Revisions include changes made to the C•PEM audit forms to implement the 14-step audit process outlined in the Manual. The PEG now also includes MS Excel based automated Enhanced Audit forms to be used on smaller, less complex engagements.
The manual sets out a practical road map for the completion of an audit in accordance with the Canadian auditing standards. Given that the CASs contain over 500 “shall” requirements, it is important to understand the methodology and how the forms work together.
In this session we will go through the 3 phases of an audit:
– risk assessment;
– risk response; and
For each of the 14 steps to an audit engagement, we will discuss the specific procedures and documentation requirements and how the PEG forms can be used to achieve these requirements to achieve an effective and efficient audit.
Case study examples will be used to illustrate how to complete key components outlined in the forms, which forms are mandatory vs optional and address common mistakes made when completing the firms.
The course will focus on the classic PEG (previous C•PEM) forms used by the CaseWare template providers, but will also walk through the new automated Excel forms.
Marcus Guenther MBA, CPA, CA
Marcus Guenther works with corporations and accounting firms to improve their workflow, internal control and risk management practices, as well as assisting with technical accounting and auditing issues. He is the co-author of the CICA Professional Engagement Manual (CPEM) as well as other technical publications and articles and teaches accounting, IFRS, and auditing and assurance courses for numerous professional organizations.