This course provides participants with an overview of the requirements of the new Canadian Standard for Related Services (CSRS) 4400 and its impact on the planning, implementation and documentation of an Agreed-Upon Procedures engagement.

Standards on specified auditing procedures (Section 9100) and agreed-upon procedures regarding internal control over financial reporting (Section 9110) have been replaced by CSRS 4400 – Agreed-Upon Procedures Engagements. This new standard introduces new concepts, documentation requirements and new reporting guidance. CSRS 4400 is effective for agreed-upon procedures engagements for which the terms of engagement are agreed on or after January 1, 2022. This course will provide an overview of what is covered in the standard such as the use of professional judgment in an agreed-upon procedures engagement, using the work of a practitioner’s expert and undertaking an agreed-upon procedures engagement together with another engagement.

Topics Include:

• Introduction to agreed-upon procedures engagements
• Effective date and replacement of pre-existing standards
• Canadian amendments to ISRS 4400 (Revised)
  • Independence requirements
  • Applicability of quality control / upcoming quality management standards
• Engagement acceptance and continuance
• Agreeing the terms of the engagement
• Performing the agreed-upon procedures
• Professional judgment in an agreed-upon procedures engagement
• Using the work of a practitioner’s expert
• Documentation requirements
• Undertaking an agreed-upon procedures engagement together with another engagement
• The form and content of an agreed-upon procedures report.

NOTE: No updates or changes were made to the 2024 version of this course. If you completed the course in 2022 or 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 be able to:

• Describe the requirements of the new standard and the differences from the current standards.
• Identify the stages of the engagement that will be affected by the new standard; and assess the impact of the new standard on the work to be performed and documented.