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

Applicable for

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

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

Seminar Leader: Kirsten Albo

What to Expect

· Materials will be emailed to participants two business days prior to the course date and can be downloaded or printed in advance. Once sent, the email will also be found in your Account Communication tab of the CPA Manitoba Member Portal.

· WIFI and electrical outlets are available if participants wish to bring a laptop or tablet to view the material.

· Prior to your arrival, please ensure you do not have symptoms of a communicable disease (e.g. fever or chills, coughing, sore throat, diarrhea, etc.). If you are exhibiting symptoms, please do not attend the CPAMB event, and contact [email protected] to determine alternate registration/cancellation.

· Health protocols may change without notice to comply with Winnipeg Health Authority guidelines

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