In this on-demand course, we will discuss significant pronouncements by the AASB (Auditing and Assurance Standards Board) and their implications for audit assurance practitioners. We will also provide action steps to help practitioners affected by current or soon-to-be effective changes to the assurance standards. This course provides an overview of the latest developments and changes in the audit and assurance standards and practices. It covers the following topics:

• The new Canadian Standards on Quality Management (CSQM) 1 and 2, which introduce a risk-based approach to quality management at the firm and engagement levels.
• The revisions to Canadian Auditing Standards (CAS) 315, 500, 240, and 570, which address the auditor’s responsibilities for identifying and assessing risks of material misstatement, obtaining audit evidence, dealing with fraud, and evaluating going concern.
• The proposed International Standard on Sustainability Assurance (ISSA) 5000, which deals with both reasonable and limited assurance engagements for sustainability information.
• The implications of generative AI and other emerging technologies for the audit profession.
• The alignment problem and the ethical challenges posed by AI applications.

The course is designed to help practitioners understand and apply the new and revised standards and frameworks, as well as to enhance their awareness and skills in dealing with the opportunities and risks of AI.