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.

Artificial Intelligence (AI) has been in our collective awareness since the introduction of the villainous computer HAL 9000 in Stanley Kubrick’s classic film 2001. AI has had a few moments in popular culture such as supercomputer IBM Watson’s appearance on Jeopardy in 2011 but has typically been more science fiction than reality. Today, we are interacting with AI more than we ever have and more than what we might realize.

In the external audit profession, the applied use of artificial intelligence, specifically machine learning, for risk assessment and evidence gathering is also progressing quickly.   This live webinar is tended for those external audit practitioners interested in how artificial intelligence will transform the audit.