Learning Objectives LO1 Describe the current audit environment, including developments in regulatory oversight and provincial regulation of public accountants.

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Learning Objectives LO1 Describe the current audit environment, including developments in regulatory oversight and provincial regulation of public accountants in Canada. LO2 List the various practice standards for independent audits of financial statements. LO3 Outline the ethical, examination, and reporting standards that make up generally accepted auditing standards (GAAS) as set out in the CICA’s Canadian Auditing Standards (CAS). LO4 Explain the importance of general assurance standards, using examples of assurance matters. LO5 Explain how requirements of quality control standards are monitored for PA firms. 1

Assurance Standards An assurance engagement:  “An engagement where, pursuant to an accountability relationship between two or more parties, a practitioner is engaged to issue a written communication expressing a conclusion concerning a subject matter for which the accountable party is responsible.” - CICA Handbook, section LO4 2

Assurance Standards Assertion: A statement about some aspect of a subject matter. Assurance standards can be applied to written and unwritten assertions.  Unwritten – direct reporting engagements  Written – attest engagements  Audits and reviews are considered attest engagements. LO4 3

Public Accountant Engagements Assurance Engagements Audits Reviews Direct Reporting Engagements Non-Assurance Engagements Tax Planning Consulting LO4 4

Parties Involved in an Assurance Engagement SUBJECT MATTER User(s) CONCLUSION ACCOUNTABLE TO Accountable party (Management) Practitioner LO4 5

Assurance Standards The assurance standards were created after GAAS, and ideas from GAAS were borrowed for the assurance standards.  Major differences arise in the areas of:  practitioner competence  internal control evaluation  reporting  Assurance standards are more general than GAAS. LO4 6