This course is from the 2014/2015 series
This half-day course is designed to remind practitioners of the basic technical and ethical requirements for the most common types of professional engagements. The first portion of the session will provide an overview of the professional expectations in auditing and review engagements. This segment of the course will emphasize the CAS audit requirements necessary to avoid common deficiencies recently found by practice inspectors.
Increased analysis and documentation requirements for audits and reviews have resulted in a significany change of many engagements to the Notice to Reader level. Practitioners are sometimes surprised at the professional obligations and risks that exist in the preparation of income tax returns and Notice to Reader financial statements. As a result, the second portion of the session will outline a practitioner's requirements for compilation engagements under the CPA Canada Assurance Handbook. Topics covered in this course will include:
- Highlights of 2013-2014 practice inspection findings
- Independence issues
- Quality assurance deficiencies found in firms
- An overview of common problem areas found in audit and review engagements
- Association situations requiring an engagement report
- Compilation requirements for financial statements
- Special compilation requirements for future-oriented financial information
- Communications required to accompany income tax returns and information
The course will include case studies to highlight important areas and allow discussion of issues with fellow professionals.