Using case studies, participants will learn how to effectively and efficiently document audit work using PEG forms and memos. Problem areas encountered in practice and often reported in the provincial practice inspection findings will be addressed. These issues include identifying risks, developing fraud scenarios and responding to such risks by identifying relevant internal controls; and learning practical guidance on the extent of testing.

This course will take participants through each of the steps involved in performing a non-complex audit. These steps include accepting the client, understanding the entity, determining materiality, planning, identifying and responding to risks, customizing work programs, testing, monitoring ongoing work, and documenting working papers. The final step involves the timely communication of findings internally and then to the client.

Topics Include:

• An overview of PEG and its objectives, including the PEG 12-step audit process
• Application of professional skepticism
• Understanding and documenting the 5 internal control elements including IT application and general controls
• Risk assessment and engagement planning activities
• Risk response, including developing the audit strategy and work programs, documenting the work performed, and evaluating evidence obtained
• The formation of an opinion and the responsibility to communicate results with management and those charged with governance
• Keys to a successful audits

NOTE: No updates or changes were made to the 2024 version of this course. If you completed the course in 2023, please be advised the 2024 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.

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By the end of this course, participants will learn:

• The steps/activities involved in performing an audit from start to finish.
• Ideas to simplify key requirements such as understanding internal control.
• An audit approach and plan that will save audit time.
• How to design efficient audit tests.
• Various ways to document audit findings and evidence obtained.