Auditing and Assurance II

Advanced auditing and other assurance and related services, following one invented Calgary food group listed on the TSX and its auditor: quality management under CSQM 1 and CSQM 2, group audits under CAS 600 (Revised) with component performance materiality and aggregation risk, component auditors and the consolidation, IT general controls and information produced by the entity, service organizations and CSAE 3416 reports, ICFR certification under NI 52-109 and the evaluation of control deficiencies, accounting estimates, going concern and specialists, completing the audit and key audit matters, review engagements under CSRE 2400, compilation engagements under CSRS 4200, special purpose and single-statement audits, CSAE 3000 assurance, agreed-upon procedures, greenhouse gas and sustainability assurance under CSSA 5000, and independence.

ACCT-431 Year 4 3 credits 12 lessons · 5 h 25 min

Offered by HSM University · Accounting

This is the Canadian version of this course. See the American version.

What you'll learn

Explain how a firm's system of quality management under CSQM 1 and CSQM 2 supports engagement quality, and use monitoring results and root cause analysis to identify deficiencies.
Plan a group audit by understanding the group, determining components and the work at each, and setting group and component performance materiality with regard to aggregation risk.
Direct, supervise and review component auditors, audit the consolidation process, and determine how the auditor's report deals with the work of other auditors.
Evaluate the IT environment and general IT controls over access, program changes and operations, and assess the reliability of information produced by the entity.
Use service organization reports, including Type 2 reports, bridge letters and complementary user entity controls, as audit evidence.
Explain ICFR certification under NI 52-109, test controls using a top-down approach, and evaluate the severity of control deficiencies.
Audit accounting estimates by testing management's process or developing a range, evaluate going concern with stress tests, and use the work of specialists.
Complete an audit by evaluating subsequent events, written representations, other information and misstatements, and determine the content of the auditor's report.
Plan and perform a review engagement under CSRE 2400 using precise expectations, and issue an appropriate review report.
Perform a compilation engagement under CSRS 4200 and determine the report, the basis of accounting and the effect of independence.
Distinguish special purpose, single-statement, summary statement, other assurance, agreed-upon procedures and greenhouse gas engagements, and describe the developing standards for sustainability assurance.
Apply independence requirements to assurance engagements and integrate the course into a planning memorandum for a group audit.

Course content

12 lessons · 5 h 25 min total · final exam

1 Quality management at the firm level: CSQM 1 and CSQM 2 32 min · quiz
2 Group audits I: scope, components and materiality 29 min · quiz
3 Group audits II: component auditors, consolidation and reporting 26 min · quiz
4 The IT environment and IT general controls 29 min · quiz
5 Service organizations, CSAE 3416 and SOC reports 26 min · quiz
6 Internal control over financial reporting: certification, testing and deficiencies 27 min · quiz
7 Accounting estimates, going concern and the use of specialists 27 min · quiz
8 Completing the audit: subsequent events, representations and reporting judgments 26 min · quiz
9 Review engagements under CSRE 2400 26 min · quiz
10 Compilation engagements under CSRS 4200 25 min · quiz
11 Special reports, other assurance and sustainability assurance 25 min · quiz
12 Independence, audit quality and capstone: planning the group engagement 27 min · quiz
E Final exam 20 questions

Requirements

ACCT-331 Auditing and Assurance I

Recommended background. You can start any course at any time.

Description

Part of the Business stream, typically taken in year 4.