CPA PEP Prep Forum: Webinar: Canadian Auditing Standards (CAS) Assurance Review

CPA PEP Prep Q&A

Webinar: Canadian Auditing Standards (CAS) Assurance Review

Good Afternoon Everyone! I thought that I would start a discussion on the Webinar that we just had on the CAS review. We can talk about any questions or clarifications we wanted to ask if anyone is interested? Cheers! Steph

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Thanks for doing this Stephanie! This is much appreciated and a great idea. Should I link this to the original presentation?

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Hi Stephanie. Great idea! Do you have your own questions or comments about that webinar? Please feel free to share!

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Here is a link: WEBINAR: Canadian Auditing Standards Assurance Review

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Hello,I have a question about CAS570-going concern

when management has not prepared financial statement with going concern do we need to evaluate the factor first and discuss with them any going concern issue could you clear for me this.

thanks

Mimoza

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Thanks Stephanie for initiating this topic.

Hi Mike,

I do have a question on CAS 220 Quality Control For An Audit of Financial Information:

I didn't clearly understand the scope, coverage, and application of CAS 220.

1. Is this standard applicable only to Public Accounting Firms specifically on their publicly listed clients or is this applicable to all Public Accounting Firms regardless if their clients are publicly listed or not. And is this applicable to audit assurance clients only and not to other assurance clients?

2. Mike, you also mentioned 2 examples of engagement quality controls - practice inspections made by CPA provincial bodies and internal engagement quality control (whether appointed within or contracted out to another). How does a review by the CPA provincial body affects the firm's internal engagement quality control - is the practice inspection by the CPA provincial body an additional requirement on top of the internal engagement quality control as per CAS 220? Does this mean that the CPA provincial bodies' practice inspections are also part of the same CAS 220 standard or not?

Thank you,

Lawrence

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