Enhanced Auditor Reporting
Effective for periods ending on or after December 2018, the audit report has undergone some significant changes.The revised wording is expected to increase the auditor's use of professional skepticism and the quality of audit work performed.
On demand, 1 hour(s)
It was not too long ago that we adopted the Canadian Auditing Standards (CAS) and gave up the three-paragraph auditor’s report. Now, less than 10 years later, we are changing the format of the auditor’s report again.
The audit report has undergone some significant changes. Learn about the new organization of the report, the enhanced descriptions of management's and the auditor's responsibilities, the increased emphasis of the going concern assumption, increased focus on financial statement disclosures and the introduction of key audit matters (KAM).
Sample report wording and additional resources will be provided.
About the Instructor(s)
Jennifer McCann is the vice-president of FocusROI Inc. and CEO of FocusCPD Inc. With over 20 years of experience, Jennifer assists accounting firms with the effective and efficient application of accounting and assurance standards, the maintenance of quality control systems, and the creation and development of relevant training programs.
Prior to joining FocusROI, Jennifer was a senior manager at EY, working in the private mid-market practice of the National Professional Practice Group. There she consulted partners and staff on various accounting and assurance matters, performed quality reviews, and delivered partner and staff training. She has held senior management positions at other mid-sized and national accounting firms where, in addition to managing client engagements, she developed audit templates, programmed audit automation software, led the staff training initiatives and performed quality control procedures.
Jennifer is currently serving as a member of the International Auditing and Assurance Standards Board (IAASB) Data Analytics Project Advisory Panel and is also an active program instructor for the Chartered Professional Accountants of Ontario.