2022 is quickly drawing to a close as we head into the last month of the year. There are a number of key activities to undertake as we prepare for 2023. The two major items are implementation of Revised CAS 315 and the design and implementation of your system of quality management. The other item you can’t let slip by is meeting your CPD requirements. With these top of mind, I have focussed on them with this month’s update. Read on…
PEG Practice Aids - Final Revisions Released
Earlier this year PEG released revised practice aids for Revised CAS 315, however changes continued. Finally, as of this past week Knotia finally released the final version of the 2022 templates. A few things you need to be aware of…
👉Start by reading the What’s New 2022 Introduction. This is a very good summary of the practice aids in each of the “PEG Map” steps. As well, it provides an overview of the changes that were made as a result of Revised CAS 315 including what forms have major changes, what forms have minor changes and what forms have been deleted.
👉Practice aids are only available through Knotia right now. These are the Word and Excel versions of the forms. The technology companies (like CaseWare, JazzIt and Keystone) are working on their updates. Release date for these updates is yet unknown but is expected to be in the next few weeks.
👉Volumes 1 and 2 will not be updated for Revised CAS 315 in 2022. It is only the practice aids that have been updated. For the short term, CPA Canada will be releasing video tutorials on Knotia to provide guidance. Stay tuned… (no pun intended 😄). I will send links on these when they are released.
👉Condensed and NPO forms have not been updated for Revised CAS 315 and therefore have been removed from the collection.
Revised CAS 315 will have a significant impact on your audit engagements. Make sure you are up-to-date on the changes. It is important to prepare now 📑to save time later. ⏱️ Review the forms now to determine what changes need to be made to your audit templates and how you are going to implement the standards.
I will be holding a CAS 315 Implementation PD Course to provide further guidance on implementing the standard in a effective and efficient manner. You know me. I am all about being practical. See further details about this verifiable CPD course in the “Professional Development” section below.
Revised CAS 315: Talking to Your Clients
You most likely will be asking questions of your clients as you implement the requirements of Revised CAS 315. The response from your client may be… “Why are you asking this, you have never asked me this before???”
To help you answer this question, CPA Canada has issued a a publication to help you explain the changes to Canadian Auditing Standard (CAS) 315, Identifying and Assessing the Risks of Material Misstatement and what these changes may mean for the upcoming audit engagement. You can even share this briefing with your clients. Topics included are:
- When and why the standard changed
- Key changes to the standard and the potential impact on the entity
- Questions management and TCWG may want to ask the auditor in light of the new standard
5 Steps to Managing Client Expectations
You will be busy juggling the requirements for all your clients and it is important to stay on top of things and manage your clients’ expectations. In addition, most likely you will be incurring more hours as you implement the requirements of CAS 315. Do you extra bill for these hours? A business decision you will have to make.
This article from The Journal of Accountancy has practical tips on setting and managing client expectations in the best way to prevent future misunderstandings or disagreements. Tips include being transparent about fees and keeping the lines of communication open.
READ ARTICLE HERE
ASK KSA Live Virtual CPD Session: Implementing Revised CAS 315
Figuring out where to start? Trying to navigate through the PEG practice aids? Need to better understand the requirements? Not sure what GITCs are and how they fit into your audit?
Struggle no more. ASK KSA is offering a live virtual session to help you implement the requirements of Revised CAS 315. Through an exploration of the standard, illustrative examples and guidance on practical application you will strengthen your ability to conduct an effective and efficient engagement and meet the requirements of CAS 315.
Join me on Wednesday, January 4 from 9 am to 12 pm CST for this live course. This is an interactive session to help relieve the stress you are feeling trying to deal with this new standard. This session is practical, not just theory and you will walk away with a much better handle on what needs to get done.
REGISTER FOR THE CAS 315 LIVE VIRTUAL TRAINING SESSION HERE
ASK KSA Verifiable CPD Offerings
Looking to round out your CPD hours before the end of the year? Need a few ethics hours? Look no more. ASK KSA has a number of online on-demand courses available. ASK KSA courses are informative, practical and engaging as they focus on what you need to know with tips on implementation and guidance from real-life experiences.
Check them out… Topics include:
- Audit and Review Hot Topics
- Effective and Efficient Engagements
- Ethics including:
- Putting Ethics into Practice
- Communicating with Clients
- Professional Skepticism and Critical Thinking
- Addressing Fraud Risk
As we head into the last month of the year, I want to take this opportunity to thank each one of you. Our paths have crossed over the past year in one way or another and I appreciate you. ASK KSA has grown to be a national company and I am very excited about this growth. I am having so much fun these days… it is thanks to you and your support. I continue to be here to support you as needed.
Please take the time during this upcoming holiday season to spend time with your families and friends. I know I will… with two little grandchildren around the holidays it will be nothing but fun for me. From my family to yours… happy holidays.
Kirsten S. Albo, FCPA, FCA, ICD.D