EVENT DESCRIPTION

This seminar is designed for professionals who perform audit engagements of small entities and are looking to enhance their skills. The focus of this course will be on understanding the entity and its environment, and performing risk assessments. Particular attention will be given to the key Canadian Accounting Standards (CASs) relevant to small entities: CAS 315, 320, and 330. Participants will learn how to use the CAS objectives and requirements to develop cost-effective audit strategies for small for-profit and not-for-profit entities, while complying with professional standards. Participants will explore the seven distinct phases of performing an audit of a small entity, including the CAS documentation requirements for each phase. Throughout the course, participants will have the opportunity to apply their new knowledge through discussions and case studies.

What You Will Learn

By the end of this course, participants will be able to:

  • Perform a cost efficient audit of a small entity in accordance with professional standards
  • Design a unique, customized approach for each audit
  • List the characteristics of a small entity and outline typical challenges associated with auditing small entities
  • Describe the CASs most relevant to small entities and explain how to apply them
  • Outline the seven distinct phases of the audit of a small entity and explain how to efficiently perform each phase
  • Design and perform a risk-based audit
  • Prepare working papers that meet the documentation requirements of the CASs

What Topics Are Covered

  • Typical challenges associated with auditing small entities
  • The CASs most relevant for small entities
  • The seven phases of the audit of a small entity: Pre-engagement, Planning, Risk assessment, Risk response, File completion, Finalization, Reporting and Closing the file
  • Documenting working papers in the audit of a small entity

Who Will Benefit

Professionals who perform audit engagements of small for-profit and not-for-profit entities.