The latest changes to Canadian assurance standards explained by practitioners, from going concern and fraud responsibilities to compilations, sustainability and less complex entities.
The Canadian assurance landscape is changing quickly, and several major revisions take effect soon. In this session, a team of practitioners from a Calgary firm that handles assurance, forensic accounting and law society compliance audits walks through what’s new, what’s coming, and what it means for your engagements.
The course starts with a refresher on the four main engagement types (audits, reviews, compilations and agreed-upon procedures), then looks at the most common deficiencies found in provincial practice inspections for each. It then covers the revised CAS 570 on going concern. Management must now assess going concern in every case, the assessment period runs at least twelve months from the date the financial statements are approved, and auditors must evaluate that assessment on every audit.
The fraud section explains the revised CAS 240: clearer auditor responsibilities, a stronger focus on professional skepticism, a new “stand back” requirement, understanding whistleblower programs, the completeness of journal entry populations, management bias in estimates, and new auditor’s report wording. Both revised standards apply to audits of financial statements for periods beginning on or after December 15, 2026. The section also covers qualitative materiality in the context of fraud, the latest occupational fraud statistics, and the Wirecard scandal as a real-world case study.
The session then covers CSRS 4250 for compilations of future-oriented and pro forma financial information, the new sustainability assurance standard (CSSA 5000) and proposed Indigenous matters guidance, and new Canadian guidance for audits of less complex entities, starting with journal entry testing. It closes with how AI is being used in research, report writing and data analytics, the risks of unreviewed AI output shown by recent publicized cases, and why professional judgment and review remain essential.
1 activity • 1 videos • duration: 55m
The CPA Small Practitioners’ Forum was created to offer an inviting, semi-causal, and easygoing professional development weekend that provides substantial professional development value to small practitioners. All profit earned by the CPA Small Practitioners’ Forum is donated to the Alberta CPA Education Foundation, so you are helping young people in Canada get scholarships for university. All these courses are reviewed by the delegates at the Forum in Banff annually so we have a great lineup that is adjusted every year to keep things relevant to small practitioners. If you work at a public accounting firm in Canada with employees of 1-50 people, you are our target demographic and you should find this course useful.
Provincial regulators of CPAs in Canada do not require that independent providers of CPD be approved to offer courses. Instead, individual CPAs are responsible for assessing whether a CPD activity meets their requirements, and may take activities from any source provided those requirements are met.
Every course offered on LearnFormula is delivered by a qualified subject matter expert or learning organization, and advances learning objectives that are relevant to the responsibilities or professional competencies of Canadian CPAs. All activities on LearnFormula are quantifiable in terms of hours, and are also verifiable, in that users receive documented evidence of their attendance via a certificate of completion after finishing a course (and this certificate is stored by LearnFormula indefinitely). Nearly 100,000 Canadian CPAs successfully satisfy their CPD requirements via LearnFormula on an annual basis.
