Canadian Accounting & Assurance Update
2:00 – 5:00 pm EST
3 hrs CPE/CPD in Accounting
Program Level: Intermediate
Course Objective
The objective of the Accounting and Assurance Update is to provide practitioners and firms with an overview of recent changes to Accounting Standards for Private Enterprises (ASPE), Auditing and Quality Management Standards.
Accounting
The session will examine recent handbook additions to Accounting Standards for Private Enterprises. Specifically:
2021 Annual Improvements
o s. 1500 First-time adoption
o s. 1510 Current assets and current liabilities
o s. 1540 Cash-flow statement
o s. 3856 Financial instruments.
The session will also briefly discuss the new exposure draft Cloud Computing Arrangements which will address accounting for expenditures on implementation activities issues surrounding these types of arrangements. The guidance will be issued through an Accounting Guideline which is due to be issued in Q4, 2022.
Assurance
The session will focus on the two new standards which represent as significant shift from the prior standards.
CAS 315 (Revised) – Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment has been extensively revised and clarified to support the auditor’s risk assessment process, intended to support more focused responses to the auditor’s risk assessment in accordance with CAS 330. The course will review key difference in the new standards and briefly discuss the new revised PEG CAS 315 compliant forms issued by CPA Canada in April 2022.
Quality Control – AASB approved Canadian Standard on Quality Management (CSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements; CSQM 2, Engagement Quality Reviews; and CAS 220, Quality Management for an Audit of Financial Statements. These new quality management standards represent a significant change from the existing standards in designing, implementing, and maintaining a system of quality management. The sessions will briefly examine some of the key differences between the standards and how this will impact a firms existing quality control system.
It is anticipated that Guidance and Forms the new quality management standards will be issued in the fall of 2022.
Learning Objectives
- Understand recent handbook changes
- Review implications of new exposure drafts
- Assess impact on assurance engagements and teams
Prerequisites
- CPA or CPA student.
- Course focuses on key changes to standards and assumes an understanding of existing standards
Speaker Bio
Marcus Guenther, CPA, CA, MBA
Vice President
Focus HGK LLP
| Marcus Guenther a Vice-President of FocusROI Inc., a company that authors accounting and auditing publications and provides accounting and assurance training. Marcus is also a partner in FocusHGK LLP, which provides quality assurance, monitoring, EQCR and other consulting services. Prior to joining FocusROI, Marcus was a Senior Manager at BDO Dunwoody LLP, where he was responsible for audit, tax and accounting engagements for clients ranging from municipal government, manufacturing and high-tech to distribution. He also spent several years working for a large multinational automotive parts manufacturer, Tesma Inc., as their Manager of Financial Reporting. Relevant experience: Marcus is an accomplished author, trainer and consultant on accounting and assurance matters. Training: Authoring: | |
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