Auditing simple entities has been, and continues to be, a challenge for practitioners as they struggle to balance the application of the application of the Canadian Auditing Standards (CAS) while still conducting an efficient and effective audit.  This is a valuable course as it helps practitioners better comprehend the standards and how to apply them which in turn helps them conduct better quality engagements.
This seminar will help auditors to better understand and apply of CAS requirements in the context of a simple entity.  The seminar will review the key concepts of CAS and their application taking into consideration unique aspects specifically related to the characteristics of a simple entity.  Using case studies and practical examples along with the opportunity to ask questions and participate in interactive discussions, this session will review various alternatives in meeting CAS requirements resulting in more effective and efficient engagements.  This course will include changes related to Revised CAS 315 and scalability on less complex estimates along. 
This seminar will also provide a high level overview of upcoming Quality Management Standards (CSQM 1 and 2 and Revised CAS 220).

Topics include:
• Introduction – CAS overview, definition of simple entity, examination of Discussion Paper on LCEs
• Initial activities – client acceptance and continuance, engagement letters
• Risk assessment procedures – materiality, understanding the entity, team planning meeting, additional required risk assessment procedures including auditing estimates
• Risk assessment procedures – understanding the components of internal control, design and implementation of controls
• Risk assessment procedures – assessing the risk of material misstatement
• Responding to risk – substantive audit procedures (including analytical review procedures and tests of detail), control testing opportunities, journal entry testing, sampling
• Concluding and reporting – communications with TCWG, assessing misstatements, audit report 

Learning Objectives
By the end of this course, participants should be able to:
• Interpret CASs in the context of a simple entity
• Identify challenges in applying the CASs in the audit of a simple entity and design appropriate audit responses to ensure conduct quality audits
• Recognize opportunities for efficiencies
• Select appropriate tools and templates to meet documentation standards
• Apply case study facts to the audit of other client engagements
• Design and perform appropriate audit procedures to address the risk of material misstatement

Prerequisite Knowledge
Participants should be familiar with the Canadian Auditing Standards.  The material does not review all of the standards, but rather focusses on those standards practitioners have identified as challenging to apply in the audit of a simple entities.  A strong working knowledge of the standards will help to ensure that the material is not taken out of context.

Applicable for:
Practitioners who audit entities which, based on size and characteristics, are classified as simple, or less complex, in nature.

What to Expect
• An email will be sent from CPA Manitoba to the participant within two business days of registration. The email will include information on how to access the course along with the necessary login credentials. 
• Once sent, the email will also be found in your Account Communication tab of the CPA Manitoba Member Portal.
• This course is designed for participants to view while following along with the course material provided. 
• This self-study course allows the user to save their progress and return to continue later.

Registration is for this course is open until March 31, 2024 and should be completed by August 31, 2024, after this time, access to the course will no longer be available.

 
To receive a certificate, participants must complete a quiz at the end of the course. Unlimited quiz attempts are available until the passing grade of 70% or better is achieved. After this you will no longer have access to the quiz.