Training
Audit engagement – Reviewing the file and the financial statements
Length: 3 h 30
Updated training for 2025-2026
Summary
The work is done; the audit file is complete. The next step: reviewing the file and the financial statements, just before delivery to the client. Where to begin? What should be prioritized? How can review notes be communicated effectively?
This training offers a structured and practical approach to reviewing the audit file and financial statements. Participants will learn how to plan the review, properly document their findings, and finalize review notes in compliance with Canadian standards.
Learning objectives:
- Understand the objectives and obligations related to the review of the audit file and financial statements.
- Distinguish the review of the file from the engagement quality control review.
- Develop an effective method to plan, perform, and finalize the review.
- Master communication of review notes to team members.
- Identify common errors and anticipate improvements for future engagements.
Agenda
General
- Objectives of the review (general and detailed).
- Obligations under CSQM 1 and 2.
- Who should review the files?
- Distinguishing between file reviews and engagement quality control reviews
- Planning the file and financial statement review
- Effectively reviewing the audit file and the financial statements
- Communicating the review notes and staff training.
Audit file
- Establishing documentation requirements and objectives
- Documentation features and requirements
- Pitfalls and tips
- Writing and communicating review notes
- Reviewing the review notes
- Diagnosing improvements to be made next year
Financial statements
- How and when should financial statements be reviewed?
- Pitfalls and precautions
- Under Accounting Standards for Private Enterprises (ASPE)
- Under Accounting Standards for Not-for-Profit Organizations (ASNPO)
- Identifying the most common mistakes
- Communicating with and training your staff
Last but not least
- Work with a Paradigme file template in order to better apply these concepts
- Have a critical mindset
- Comments from the professional inspection
- Understanding and mastering Paradigme Questionnaires
- Discussion with participants
Results for your firm:
- Structured methodology for a rigorous and compliant review.
- Better-documented files, ready for professional inspection.
- A more efficient team, able to detect and correct common errors.
- Continuous improvement in audit quality.
- Greater standardization through Paradigme tools.
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