Audits - Simple Entity

An auditor must conduct audit engagements in accordance with Canadian Auditing Standards (CAS), regardless of the complexity, size or nature of the client.  However, it can be challenging to understand how to apply certain CASs to a simple entity in an efficient and effective manner.  Through the use of case studies, practical examples and interactive discussions, this seminar will provide auditors a better grasp of CAS requirements along with how to apply the standards in a practical way in the audit of a simple, or less complex, client.

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 the Quality Management Standards (CSQM 1 and 2 and Revised CAS 220).

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

Prerequisites - Knowledge, Experience or Courses
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.

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

Content
The topics in this seminar 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.

Presented by PD Partner: CPA Pro

What to Expect

  • Two emails will be sent from CPA Manitoba following your registration: one to confirm your order and one including information on how to access the course through your Learning Hub. 
  • Once sent, these emails can also be found in the Communication tab of your 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 you to save your progress and return to continue at a later date.  
  • A certificate of completion can be provided.*  

Access to this course will be available for 180 days after registration. After this time, access to the course will no longer be available.

*To receive a certificate of completion, users must complete all course elements including a short quiz at the end of the course. Unlimited quiz attempts are available until a passing grade of 80% or better is achieved. After you have achieved 80% or better, you will no longer be able to access the quiz. 

CPA Manitoba PD Terms and Conditions
When
10/1/2025 - 9/30/2026 11:59 PM
Central Daylight Time

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