QUALITY CONTROL (QC)Completed File Monitoring (CFM) Services

Per CSQC 1 (Canadian Standards on Quality Control), a key component of a CPA firm’s system of quality control is monitoring (CSQC 1 par.16). Sheriff Consulting offers monitoring services that involve the review of a completed assurance file (audit and review). The review will provide detailed written and verbal feedback on how your firm can further improve on documentation for purposes of meeting the assurance standards, your firm’s quality control policies as well as efficiency (e.g. improving cost recovery).

 

LIVE WEBINARAssurance Technical Update 2020 (2 hrs)

In this webinar, we will discuss significant pronouncements by the AASB (Auditing and Assurance Standards Board) and their implications for assurance practitioners.We will also provide action steps to help practitioners affected by current or soon to be effective changes to the assurance standards.These include significant changes to the Canadian Standards on Quality Control, the Canadian Auditing Standards and the Compilation Standards

LIVE WEBINARAssurance Technical Update 2020: Non-audit engagements (1.5 hrs)

In this webinar, we will discuss significant pronouncements by the AASB (Auditing and Assurance Standards Board) and their implications for assurance practitioners. We will also provide action steps to help practitioners affected by current or soon to be effective changes to the assurance standards. These include significant changes to the Canadian Standards on Quality Control and the Compilation Standards.

LIVE WEBINARThe revised Canadian Auditing Standards 315: Key changes (2 hrs)

In this webinar, we will examine the key changes to the revised Canadian Auditing Standards (CAS) 315 Identifying and Assessing the Risks of Material Misstatement. The revisions to this standard will result in significant changes to the audit planning and risk assessment process for all audits. This revised CAS will be effective for audits of financial statements on or after December 15, 2021.

Key changes include:

  • Enhanced guidance on the auditor’s understanding of internal controls
  • Introduction of new IT-related concepts (including data analytics)
  • New concepts and terms related to risk assessment, such as stand-back and spectrum of inherent risk

It is strongly recommended that audit practitioners understand these key changes to CAS 315 as soon as possible as they will significantly affect all firms’ audit methodologies.

LIVE WEBINARProposed Canadian Standard on Quality Management (CSQM 1 and 2) : Key changes (1 hr)

In this webinar, we will examine the Canadian Standard on Quality Management (CSQM) 1 and CSQM 2, which is proposed to replace the Canadian Standard on Quality Control (CSQC 1).

CSQM 1 provides a new approach to quality management at the firm level including guidance on a risk assessment process.  The standard sets out what is needed in a firm’s quality control to manage the quality of engagements performed by the firm.  CSQM 2 provides guidance on engagement quality reviews.  Guidance for both quality management and engagement quality reviews are currently contained in CSQC 1.

The webinar will examine key differences between CSQM 1 and 2 compared to CSQC 1 to help firms prepare for the future transition to the new quality management standards.

LIVE WEBINARPerforming an audit during the coronavirus: Best practices (2 hrs)

In this webinar, we will first examine how the coronavirus has disrupted the ways in which auditors traditionally gather evidence such as the use of inquiry, inspection, and observation (CAS 500).  For example, how do we gather evidence for the assertions of existence and valuation of inventory if the auditor is not able to observe test counts because of the coronavirus.

It is not hyperbole to say that this is the most challenging time to conduct an audit in our profession’s history. Our ability to communicate with our teams and clients has been complicated by social distancing and working remotely.  The consequence for our profession is a need to reexamine how we plan and conduct the audit for many of our clients as the same as last year (SALY) approach may be inefficient and impractical because of the pandemic.  Also, there may be increased fraud and significant risk factors to your audit clients resulting from the negative economic consequences of the pandemic.

In this webinar, we will examine key areas of the Canadian Audit Standards and provide alternative ways of gathering evidence that may be more efficient and reliable during the pandemic.  We will also provide best practices to help auditors communicate with their teams and clients.

LIVE WEBINARProfessional ethics for assurance profession (2 hrs)

In this webinar, we will use case studies to apply specific areas of the CPA code of professional conduct (“code”) and the Assurance handbook to examine our ethical responsibilities and challenges within our profession.

This webinar will also introduce a critical thinking methodology that will be applied to an ethical decision-making framework.  Finally, we will explore current events relevant to the profession to understand how to deepen our ethical decision-making framework.


LIVE WEBINARPerforming reviews and compilations during the coronavirus: Best practices (1 hr)

In this webinar, we will first examine how the coronavirus has disrupted the ways in which review and compilation engagements are conducted.  For example, inquiry (per the Canadian Standard on Review Engagements 2400 par.5) is a primary way to obtain sufficient appropriate evidence for a review engagement. However, our ability to communicate with our clients has been complicated by social distancing and working remotely.  Also, Canadian Standards on Related Services (CSRS) 4200 will be replacing Compilation Standards 9200.  This new standard contains increased demands for documentation that will require more communication with clients.

The consequence for our profession is a need to reexamine how we plan and conduct the reviews and compilations for many of our clients as the same as last year (SALY) approach may be inefficient and impractical because of the pandemic.

In this webinar, we will examine key areas of the Canadian Standard on Review Engagements (CSRE) 2400 and provide alternative ways of gathering evidence that may be more efficient and reliable during the pandemic.  We will examine CSRS 4200 to help practitioners prepare for the changes.  We will also provide best practices to help practitioners communicate with their teams and clients.

LIVE WEBINARData Analytics 101: How to effectively use data analytics on an audit (2 hrs)

In this webinar, we will examine how auditors traditionally see and use data analytics which includes summary statistics such as averages, means and standard deviation.  However, data analytics are much more than summary statistics.   The goal of this webinar is to help auditors move into a data analytics mindset.

The webinar will introduce audit data analytics (ADA) including data visualization techniques.  The benefits of ADA can be realized in all phases of the audit process and for clients of all sizes.  We will also discuss how the use of data analytics is being integrated into the Canadian Auditing Standards (CAS) such as the revised Canadian Audit Standards 315: Identifying and Assessing the Risks of Material Misstatement.

LIVE WEBINARBlockchain, cryptocurrency and the external audit profession (2 hrs)

Blockchain and cryptocurrency are hot topics both as technologies and investments.  Ethereum, ICOs and proof of concept are among the buzz words associated with these topics.  The blockchain technology has the potential to be a significant disruptor in terms of how business transactions are initiated, authorized and recorded.  A question that has not been explored until recently is how this technology will affect the assurance profession.

A published CPA Canada report on blockchain technology (https://www.cpacanada.ca/en/business-and-accounting-resources/audit-and-assurance/canadian-auditing-standards-cas/publications/impact-of-blockchain-on-audit) has urged assurance professionals to understand the implications of this technology on the profession.  In this webinar, we will make blockchain technology and cryptocurrency understandable and provide practitioners with action steps to help them prepare for this game changing technology