Training
Accounting and assurance standards – What’s new for 2022-2023
Length: 2 h 30
New training for 2022-2023
Summary
Over the past year, CPA Canada has issued fewer new publications, but many of the changes announced in recent years are coming into force. Your responsibilities as a CPA are to know, understand, master, and apply the new requirements in both assurance and accounting standards.
Objectives for the day:
- To identify and understand the changes made to the standards
- To understand practical applications of these new requirements in the documentation of assurance files
- To determine the changes required in the financial statements and the impact of applying them in disclosures
Too often, professional inspection criticize practitioners for not being up-to-date on the latest changes. So let’s be proactive with this course.
Agenda
Accounting
- What’s new:
- No new chapter
- Changes:
- Section 3065, Leases
- Adjustment for rent concessions during a pandemic
- Annual improvements to ASPEs for 2022
- Waiting for publication
- Annual improvements to PSASs 2022
- Waiting for publication
- Section 3065, Leases
- New applications of prior amendments:
- New Section 3041, Agriculture
- Agricultural inventories and biological assets
- Amendment to Section 3400, Revenue
- Bill and hold arrangements
- Multiple elements
- Percentage of completion method
- New Section 3041, Agriculture
Assurance
- What’s new:
- Revised CAS 600, Special Considerations — Audits of Group Financial Statements (including the Work of Component Auditors)
- New applications of prior amendments:
- Revised CAS 315, Identifying and Assessing the Risks of Material Misstatement (RMM)
- Identify new requirements and criteria for the auditor’s assessments of the appropriate RMM
- Introduce the concept of significant classes of transactions and significant disclosures
- Separate the assessment of inherent risk from control risk
- New audit file documentation requirements and use of new Paradigme audit questionnaires
- The firm’s system of quality management (SQM)
- 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
- Inclusion of related services, 4200 Compilation Engagements, 4400 Agreed-Upon Procedures Engagements, 4460 Reports on Supplementary Matters Arising from an Audit or a Review Engagement
- Components of the SQM
- New QMS designs by December 15, 2022 and/or December 15, 2023 for related services
- Revised CAS 315, Identifying and Assessing the Risks of Material Misstatement (RMM)
- Current topics
- Professional skepticism — advice for remote audits
- Fraud and going concern; what is your role?
Last but not least
- Presentation of the changes made to Paradigme Questionnaires
- Discussion of the changes’ impacts on work methodology
- Comments from professional inspection by the Ordre des CPA du Québec
- Discussion with participants
Please contact André Mignault at 514-686-7341 to schedule your training.
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