Assurance engagement – Compliance with agreements, statutes and regulations
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This course will cover the CPA Canada Handbook requirements for engagements to audit or review compliance of financial or non-financial information with agreements, statutes, laws or regulations. Common reports include reports on compliance with:
- debt covenants in a banking agreement;
- the terms of a lease arrangement;
- financial reporting requirements of a not-for-profit funding arrangement;
- non-financial requirements for a public sector organization.
Many accountants are asked to report on an organization’s compliance with agreements, statutes and regulations, and need to apply the appropriate assurance standards. When an audit or review of compliance with laws, agreements or regulations is required, CSAE 3530 Special Considerations – Attestation Engagements to Report on Compliance and CSAE 3531 Special Considerations – Direct Engagements to Report on Compliance apply.
- identify and explain the differences between CSAE 3530 and 3531 and apply the integration with CSAE 3000 and 3001;
- understand the differences in practical application for both compliance audits and compliance reviews;
- apply CSAE 3530 and 3531 performance and reporting requirements with a focus on:
- acceptance and continuance,
- planning – understanding the entity and risk assessments,
- responding to risk assessments,
- obtaining sufficient appropriate evidence,
- preparing the report on compliance.
- Overview and scope of CSAE 3530 and 3531
- CSAE 3530 and 3531 performance requirements
- CSAE 3530 and 3531 reporting requirements, including illustrative examples
Participants must have a strong familiarity with the CPA Canada Handbook – Assurance.