Upon successful completion of this Workshop, participants will be able to:
OBJECTIVE 1 Participants will understand the purpose and intent of the external audit, the types of external audit opinions, the stakeholders that rely on the auditor’s opinion and the audited Financial Statements, and the limitations of the external auditor’s opinion.
OBJECTIVE 2 Participants will understand the purpose and intent of additional schedules to the Financial Statements, such as statements required by Indigenous Services Canada and other funders, as well as the nature of assurance provided by the external auditor on these schedules.
OBJECTIVE 3 Participants will understand the external audit process, audit terminology and the type of information required by the external auditor in performing their audit procedures.
OBJECTIVE 4 Participants will be able to apply an external audit preparation toolkit to assist in internal communications, coordination with the external auditor, developing plans and checklists to prepare for the external audit, manage information and documents requested by the auditor, and manage timelines.
OBJECTIVE 5 Participants will understand the common areas of deficiency for audits and how these deficiencies will affect the auditor's opinion letter and your organization’s relationships with financial institutions and funders. Participants will understand how to prepare for or avoid these possible deficiencies.
OBJECTIVE 6 Participants will be aware of the opinion letter, management letter and other possible reports prepared by the auditor and understand how to use this information with management and the Audit Committee, and to prepare for the following audit.