Audit Engagements: Audit of a Simple Entity

Audit Engagements: Audit of a Simple Entity
Distance Learning (DL) courses are sessions that have been recorded from live, in-person offerings and made available as on-demand videos online, along with any corresponding course materials. Note these are purely self-study products and there will be no access to instructors for questions and answers. Each title qualifies for verifiable CPD hours upon successful completion of a quiz at the end of the session. Unlimited quiz attempts are available until the passing grade of 70% or better is achieved. After this, you will no longer have access to the quiz.

NOTE: Course login details are normally sent to registrants within one week from date of registration.


Recorded: October 2021 

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Auditing simple entities has been, and continues to be, a challenge for practitioners as they struggle to balance the application of the application of the Canadian Auditing Standards (CAS) while still conducting an efficient and effective audit.  This is a valuable course as it helps practitioners better comprehend the standards and how to apply them which in turn helps them conduct better quality engagements.

This seminar will help auditors to better understand and apply of CAS requirements in the context of a simple entity.  The seminar will review the key concepts of CAS and their application taking into consideration unique aspects specifically related to the characteristics of a simple entity.  Using case studies and practical examples along with the opportunity to ask questions and participate in interactive discussions, this session will review various alternatives in meeting CAS requirements resulting in more effective and efficient engagements. 

This seminar will also provide a high level overview of upcoming standards changes including Revised CAS 315, CSQM 1 and 2 and Revised CAS 220.


  • Interpret CASs in the context of a simple entity
  • Identify challenges in applying the CASs in the audit of a simple entity and design appropriate audit responses to ensure conduct quality audits
  • Recognize opportunities for efficiencies
  • Select appropriate tools and templates to meet documentation standards
  • Apply case study facts to the audit of other client engagements
  • Design and perform appropriate audit procedures to address the risk of material misstatement


  • Introduction – CAS overview, definition of simple entity, examination of Discussion Paper on LCEs
  • Initial activities – client acceptance and continuance, engagement letters
  • Risk assessment procedures – materiality, understanding the entity, team planning meeting, additional required risk assessment procedures
  • Risk assessment procedures – understanding the components of internal control, design and implementation of controls
  • Risk assessment procedures – assessing the risk of material misstatement
  • Responding to risk – substantive audit procedures (including analytical review procedures and tests of detail), control testing opportunities, journal entry testing, sampling
  • Concluding and reporting – communications with TCWG, assessing misstatements, audit report

Practitioners who audit entities which, based on size and characteristics, are classified as simple, or less complex, in nature.  

CPD-7 Hours

4/1/2022 - 3/31/2023 11:59 PM