2024 Assurance Update

The objective of the Assurance Update is to provide practitioners and firms with an overview of recent changes to assurance standards. The course will review recently issued standards, recent exposure drafts and the status of current projects. We will also discuss common issues found by inspectors and monitors.

The course will examine proposed amendments to new standards.

Canadian Auditing Standards:

Audit Evidence - Driven by the growing use of technology in audits this project is examining the nature and extent of audit evidence and the need for exercising professional skepticism.

Fraud - In light of several high-profile international corporate failures and significant accounting restatements have put a spotlight the area of fraud and the auditor’s roles and responsibilities relating to fraud detection.

Going-concern - Examines auditors' responsibilities, regarding the going concern of the entity, and what should be communicated to users about the entity's ability to continue as a going concern for the foreseeable future.

We will also briefly review key requirements of CAS 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors). The revised standard clarifies the actions of the group auditor when communicating with component auditors, including communications relevant to the design of responses to assessed risks of material misstatement.

Instructor(s):  Marcus Guenther, CPA, CA of Focus HGK LLP