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ASPE Common Presentation and Disclosure Deficiencies

ASPE Common Presentation and Disclosure Deficiencies. MARCUS Guenther cpa , ca , MBA FocusROI Inc mguenther@focusroi.com. Self-evaluation questions . Do our audit files specifically assess the RMM for financial statement presentation and disclosure and design the appropriate response?

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ASPE Common Presentation and Disclosure Deficiencies

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  1. ASPE Common Presentation and Disclosure Deficiencies MARCUS Guenther cpa, ca, MBA FocusROI Inc mguenther@focusroi.com

  2. Self-evaluation questions • Do our audit files specifically assess the RMM for financial statement presentation and disclosure and design the appropriate response? • Is a fully referenced copy of the final financial statements, including the notes to the FS included in the file showing where numbers came from with the appropriate audit evidence? • Does the firm have a step-by-step training program for all new senior staff on how to prepare financial statements and use the firm tools? • Does the firm have an up-to-date notes library and F/S template for the staff to use? • Does the firm use a disclosure checklist when preparing and/or reviewing the F/S? • Do all F/S (both audit and review) go through a final QC process before being released? • Have previous inspection or monitoring deficiencies been addressed?

  3. How wrong are the F/S?

  4. Who is responsible for ensure the F/S are fairly presented in accordance with GAAP?

  5. Introductory paragraph…. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for private enterprises, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Independent Auditor’s Report - CAS 700

  6. Inherent Risks Sources and effects Risk Sources Risk Effects

  7. Deficiencies – inspection findingsIndependent Auditor’s Report

  8. Deficiencies – inspection findings

  9. Deficiencies – inspection findings

  10. Deficiencies – inspection findings

  11. Deficiencies – inspection findings

  12. Deficiencies – inspection findings

  13. FocusROI Services • In house and web based Training • Quality Control Monitoring • Small group Coaching www.focusroi.com 416 594 0005 info@focusroi.com

  14. Please contact us for further informationinfo@focusROI.com416 594 0005

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