Successfully Performing Small Audits - 2021

Canadian Auditing Standards (CAS) contained in the CPA Canada Assurance Handbook are not presented in a way that is completely logical and easy to follow.  This course is designed to provide a step-by-step structure to meet CAS audit requirements when performing audits of simple private companies and not-for-profit organizations in a way that avoids an emphasis on the large number of forms usually associated with auditing.

 The objective of this course is to provide an efficient and effective method of preparing satisfactory audit files. Even those public accounting firms currently using standard audit forms will benefit from this course through a better practical understanding of auditing rules.

 Specific topic areas to be highlighted will include:

·     Overview of documentation requirements

·     Quality control obligations

·     General planning and materiality

·     Assessing misstatement risks

·     A practical approach to the required study of internal controls

·     Designing audit procedures based on risks

·     Evaluation of audit results

·     Reporting requirements

Significant changes to CAS 315 relating to audit planning and required documentation become mandatory for periods beginning after December 14, 2021.  These changes also impact a number of other CASs.  The effect of these new requirements in the audit of small entities will be highlighted in this course.

 The course is specifically designed to relate to the audit of the general-purpose financial statements of entities whose internal controls cannot be relied upon to reduce substantive audit work.

 Recent common practice inspection weaknesses found in audit engagements will be noted throughout the course.

 In addition to the course material discussed during the presentation, supplemental material will be provided containing sample required correspondence and examples of a variety of audit reports.