Component 1: Audit Primer (14 hours)

Customized audit learnings for CPAs, with a focus on identifying common pitfall areas in audit engagements as noted by national practice inspection findings, demonstrating the application of key CAS requirements using a set of case study facts & recognizing key items to be documented in an audit engagement working paper file, along with other important areas of interest to refresh audit knowledge prior to heading into Component 2 of the Audit Immersion Program.

Topics Covered Include:

• Audit Quality
• Communication with Others
• Audit Documentation
• Acceptance and Overall Audit Strategy
• Risk Assessment Procedures including Internal Control
• Performing Audit Responses   
• Audit Reporting

Audit Immersion Kick-Off Call

Welcome to the CPA Ontario Audit Immersion Program. During this event, a CPA Ontario representative will:

• Introduce the instructors for the Program.
• Explain the structure of the program and how to navigate interactive elements.
• Set learner and instructor expectations in terms of outcomes and learning objectives/ goals.
• Welcome you to the program and provide opportunities to network with colleagues.

Note: Participants will receive a food delivery e-gift card during this lunch time introductory call.

Virtual on Zoom

Component 2.1: Application of CAS 315

• Describe the concept of “scalability” and how the requirements of CAS 315 vary based on the nature and size of an organization.
• Identify the key requirements of CAS 315 and how they can be met, considering the objective to be efficient in the planning and completion of your audit engagements.
• Conduct the assessment of inherent risks of misstatement, and how the “spectrum of inherent risk” is to be applied to relevant assertions.
• Conduct the assessment of control risk, recognizing the role of technology in your clients’ operations and processes.

Component 2.2: IT Implications of CAS 315

• Develop an approach to the implementation of CAS 315 in their practice related to obtaining an understanding the 5 components of internal control, with a focus on the IT Environment and General IT controls.
• Apply the control risk assessment, recognizing the role of technology.
• Describe the concept of “scalability” and how the requirements of CAS 315 vary based on the nature and size of an organization.

Component 2.3: Group Audit Considerations (Revised CAS 600)

• Describe the new requirements including scope and applicability of the revised CAS 600 standard.
• Describe the difference between the revised and extant standards.
• Describe responsibilities of the group engagement partner and group auditor.
• Describe how the group auditor communicates and interacts with component auditors.
• Apply the revised standard when there are few or no component auditors (scalability).
• Determine the appropriate level of documentation to address the revised standard.
• Describe how the auditor manages audit quality at the group and component level.
• Recognize the importance of professional skepticism and professional judgment in planning and performing a group audit.

Component 2.4: Simple Entity Audits

• Interpret CASs in the context of a simple entity.
• Identify challenges in applying the CASs in the audit of a simple entity and design appropriate audit responses to ensure conduct quality audits.
• Recognize opportunities for efficiencies.
• Select appropriate tools and templates to meet documentation standards.
• Apply case study facts to the audit of other client engagements.
• Design and perform appropriate audit procedures to address the risk of material misstatement.

Component 3.1: Update to Recent Audit Standards

• Describe how the revisions to Canadian Auditing Standards will impact their audit engagement. 
• Anticipate pending changes to audit standards and understand how the changes may impact audit engagements. 
• Describe the recent practice inspection findings and how auditors can address these in their upcoming engagements; and, 
• Describe and locate tools to assist with audits.  

Component 3.2: Risk Related to Fraud (CAS 240)

• Recognize fraud risk factors.
• Identify and assess the risk of material misstatement of the financial statements due to fraud.
• Maintain an attitude of professional skepticism.
• Design appropriate audit procedures to address the risk of fraud.
• Perform required procedures including journal entry testing.
• Implement unpredictability procedures into the engagement.
• Assess the results of procedures performed.
• Respond to fraud or suspected fraud identified during the audit.
• Determine the impact on the audit opinion.
• Comprehend communication requirements.

Component 3.3: Review Engagements - Application of the Standard

• Describe the areas of professional judgment when accepting or continuing a review engagement.
• Consider the components of planning an engagement and their effect on the execution phase.
• Identify areas in the financial statements where material misstatements are likely to arise.
• Develop strategies for the use of inquiry, analytical procedures and additional procedures.
• Identify specific issues related to the implementation of the requirements.
• Describe the requirements for completion of the file.
• Describe the modifications of the review engagement report.
• Apply the requirements of CSQM 1 for review engagements.
• Describe the documentation considerations of the above areas.

Component 3.4: Review Engagement – Specific Areas of Focus

• Define and explain numerous terms and phrases used for GST/HST purposes.
• Explain the importance of understanding the characterization of a supply.
• Explain the correct recovery treatments for employees reimbursements and other cost recoveries.
• Identify numerous areas of exposure for the non-collection of tax.
• Describe common exposures related to taxable imports and exports.

Component 3.5: Ethics Focused Learnings in the Area of Audits and Ethical Decision Making

Four hour ondemand video focused on ethics in the audit field.