Media Advisory - Webcast - Opportunities to improve audit quality in
transition to Canadian Auditing Standards (CASs)

    
    Date:          Thursday, May 6, 2010
    Time:          2:00 pm to 3:00 pm EDT
    Registration:  Click on event registration
                   (http://www.meetview.com/cas20100506/)
    

TORONTO, May 3 /CNW/ - The Canadian Public Accountability Board (CPAB) and Auditing and Assurance Standards Board (AASB) will host a webcast that will highlight areas for focus as public accounting firms implement the new CASs.

The new CASs take effect for audits of financial statements with periods ending on or after December 14, 2010.

The transition to the CASs provides public accounting firms with an opportunity to enhance the efficiency and effectiveness of their audits and to reduce overall audit risk. However, time is running short to prepare for the mandatory 2010 adoption.

The webcast will highlight some of the areas for auditor focus in transition to the CASs. Standards to be discussed will include group audits, auditing accounting estimates and communications with audit committees.

In addition to public accounting firms, the webcast will also be of interest to CEOs, CFOs, Audit Committees and Board Directors, who will learn more about how the CASs will affect them and gain insight into some of the challenges faced by their auditors during the transition to the new standards.

CPAB will also outline its expectations of auditing firms in their implementation of the CASs.

The Canadian Public Accountability Board is the audit regulator overseeing auditors of Canadian public companies. CPAB's mission is to contribute to public confidence in the integrity of financial reporting of public companies by promoting high quality, independent auditing. www.cpab-ccrc.ca

The Auditing and Assurance Standards Board (AASB) is an independent body that sets high-quality standards and guidance for auditing, assurance and related services engagements that enable the public accounting profession to serve the public interest. www.aasb.ca

For further information: Malcolm Gilmour, [phone] ext. 4168, [email protected]; Stephanie Sayer, [phone], [email protected]