The objective of the Assurance Update is to provide practitioners and firms with an overview of recent changes to assurance standards, as well as review the status of current projects; upcoming 2017 exposure drafts and invitation to comment documents.
The course will briefly review standards included in the CPA Canada Handbook in examine 2016:
a) Communications with law firms – update to the Joint Policy Statement in CAS 501 and the revised legal letters.
b) Non-compliance with laws and regulations – revisions to CAS 250 to address non-compliance with laws and regulations
The most significant and controversial proposed changes in the changes auditing standards have impacted auditor reporting. The course will examine:
a) Auditor reporting requirements – these changes include:
I. Opinion paragraph presented first
II. Enhanced auditor reporting on going concern and independence
III. Expanded description of auditor’s responsibilities and key features in an audit
b) Auditor reporting (Special considerations) – Amendments to ISA 800 and ISA 805 changes as a result of the significant revisions to auditor reporting standards and voluntary communication of key audit matters.
c) Auditor reporting on summary financial statements – Amendments to ISA 8100 to address issues related to key audit matters, going concern and other information.
d) Financial Statement disclosures – Examining revisions to ISAs regarding with respect to auditing disclosures and development of other non-authoritative guidance.
e) Responsibilities relating to other information - Amendments to ISA 720 to specify the responsibilities of the auditor.
Where possible, the course will provide examples to generate discussion relating to potential implementation issues of these new standards.
The course will also examine the proposed amendments to ISA 540 Auditing Accounting Estimates in the Exposure Draft issued in May 2017.