Assurance Update 2024: Key Changes & Practical Insights

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. The course 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, the area of fraud and the auditor’s roles and responsibilities relating to fraud detection has come under scrutiny.

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 discuss the impact 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. 

Other – The IAASB approved its International Standard on Auditing for Audits of Financial Statements of Less Complex Entities. The impact on future CASs could be significant.

Specific topic areas will include:

• Overview of Recent and Upcoming Assurance Standard Updates
• Key Changes in Audit Evidence (CAS 600 & 315)
• Going Concern and its Evolving Requirements
• Fraud Considerations in Assurance Engagements
• Exposure Drafts and Their Implications
• Effective Dates and Transition Strategies
• Preparing for Regulatory Inspections and Monitoring

This course is ideal for:

CPAs in public practice. Focus is on standard updates, therefore suited to experienced CPAs, senior accountants, managers, and partners or directors.

Recorded at the end of 2024.