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Canadian Accounting & Assurance Update

Type: Webinar with NA CPE

Starts
28 September 2022 2:00 pm ET
Ends
28 September 2022 5:00 pm ET

2:00 – 5:00 pm EST






Untitled Document

3 hrs CPE/CPD in Accounting         

Program Level: Intermediate  

Canadian Accounting and Assurance Update         

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 an accomplished trainer in accounting and auditing, author and consultant. In particular he:
• assists many accounting firms in monitoring their quality control systems, 
• authors and presents training courses on accounting and auditing topics, and
• assists with interpreting and applying professional standards on complex accounting and auditing issues.  

Marcus is an accomplished author, trainer and consultant on accounting and assurance matters. 

Training: 
Marcus has prepared and presented many accounting and assurance courses for CPA Canada, CPA Ontario, commercial training firms and individual firms over the years.  

Authoring:
He is the co-author of the CPA Canada Professional Engagement Manual (CPEM), the Professional Engagement Guide (PEG) and the Quality Assurance Manual (QAM) and has authored other technical publications, such as the Guidance for Auditors – First-Time Reporting on Financial Statements— adopting accounting standards for Private enterprises.   

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