Reviews - Specific Topics

 (Formerly Titled: Review Engagements - Specific Topics)

Overview:

Since accountants frequently encounter new and complex issues in their practice, this course addresses some of those areas by focusing on specific topics of review engagements. Drawing upon common deficiencies found nationally in practice inspections, this course shows you how to quickly identify incomplete review engagement documentation and apply the necessary changes to resolve outstanding issues. The material includes various exercises and examples of review engagement documentation. 

There are some areas where the application of CSRE 2400 – Review Engagements can be challenging. This course builds upon a fundamental knowledge of the CSRE 2400 – Review Engagements Standards and addresses areas that commonly prove more challenging for practitioners.

Note:  This course focuses on specific topics and does not provide comprehensive coverage of the Canadian Standard on Review Engagements (CSRE 2400).

Course Content:

In this course, you will gain knowledge about the following topics: 

• An overview of the documentation requirements Common CSRE 2400 application and documentation deficiencies noted by provincial CPA practice inspection programs
• Tips for addressing common deficiencies, such as documenting client/engagement acceptance/continuance, assessment of independence, assessment of the need for EQCR, use of the correct review engagement report, and dating of the report
• Understanding of the entity and its environment using alternative approaches to documenting the client’s accounting systems
• Identification of areas in the financial statements where material misstatements are likely to arise and linking them to the planned review procedures
• The design and documentation of appropriate analytical procedures for revenue, inventory, cost of sales, and payroll
• When it may be appropriate to perform additional procedures, such as cut-off procedures, confirmations, and substantive testing of details 

Learning Objectives:

By the end of this course, you will be able to: 

• Identify the common deficiencies in applying CSRE 2400 as noted by the various provincial practice inspection programs
• Determine the appropriate level of documentation for understanding the entity and its environment and identifying areas of the financial statements that are likely to be materially misstate
• Link the assessed areas of likely material misstatement to appropriate review engagement procedures
• Develop and perform appropriate analytical procedures and meet the documentation requirements of the standard
• Better document inquiries and discussions with the client by demonstrating professional skepticism
• Determine when it may be appropriate to perform additional procedures in accordance with the standard 

Who Will Benefit: 

This course is intended for public practitioners as well as managers and senior staff members employed in public practice who are conducting review engagements under CSRE 2400.