Jacqui Kuypers

last updated 9/7/2017

Jacqui Kuypers

Principal at Directrice de Projets

General Information


Principal - The Standard

Principal, Auditing and Assurance Standards - CPA Canada

Contributor - CA - Canadian Institute of Chartered Accountants

Senior Manager - Ernst & Young LLP

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By Jacqui Kuypers
One day this summer, a group of friends - Lara, Meigan, Caitlin and Jacqui - all CAs,were playing a round of golf. "We're not trying to mess up your golf game or your practice," said Jacqui, who is with the CICA's assurance standards department. The July 2009 release of the Assurance Handbook is bigger because it contains two parts, she explained. "Sounds like your firm is using the right club from their bag," Jacqui joked. "You and your firm are absolutely correct. Everyone should be looking into this sooner rather than later to avoid any penalty strokes." As they finished the hole, Meigan asked why Part II was included in the Handbook. "Practitioners may find that they will need to use both parts of the Handbook, depending on the circumstances of the client," Jacqui replied. "For example, Lara mentioned that while most of her clients have December 31 year-ends, she has a couple of November 30 year-ends. In 2010, she will need to use Part II when auditing her November 30th clients, and Part I for her December 31st clients. Everyone agreed that transitions are never easy. On the next green, Jacqui noted that Lara had a new putter. Lara said she was trying a new approach because she had been missing so many putts lately. "Speaking of changes, what has really changed in the standards? she asked, after sinking a 20-foot putt. "You said you're not making things more difficult for me. How different are the CASs from the existing Handbook sections relating to audits?" There is quite a bit of change, Jacqui explained, but not as much as you think. Many existing Canadian auditing sections were based on the equivalent international standard. "The clarification of the auditing standards by the IAASB and their subsequent adoption in Canada as CASs didn't result in significant changes in these standards," she said. "For example, there were very few changes to standards on fraud, audit risk and audit planning. I know you adopted the new audit risk standards when they were introduced back in 2005, so for you, there are relatively few changes regarding how you assess and respond to risks of material misstatement. It's like buying a new set of golf clubs. If you bought them a few years ago, you're already used to them, but if you buy them this year, it'll take you a bit of time to adjust." On the other hand, Jacqui continued, some of the auditing standards have changed significantly. "The new audit report is a lot more de-tailed than the old report," Jacqui said. "The dating of the audit report has also changed," Jacqui continued. "Well, I haven't heard it put that way before," Jacqui said. The CASs on materiality include the concept of performance materiality, Jacqui confirmed. "Your firm may use the term tolerable error or adjusted planned materiality to describe this concept. The concept is not specifically addressed in current Canadian GAAS. Some smaller firms may or may not be familiar with it. "Another difference," Jacqui said, "is related to auditing going concern issues. "You should become familiar with the CASs and the structure of the Handbook," Jacqui answered. "Well, you know that getting out of the sand can be easy if you know what you're doing," Jacqui said. "But, like trying to get out of the sand if you don't practice, it'll be a lot harder to adapt to the new standards if you don't start preparing now. Let me show you a couple of tricks for getting out of the sand. Jacqui showed Lara what to do to get out of a sand trap, and after a couple of attempts she got her ball onto the green. "You should also keep in mind that, while we're adopting ISAs as CASs in Canada, standards for other assurance engagements are not changing in the short term," Jacqui said. "You're right," Jacqui said. "But let's finish our game first. Can you help me find my ball? I think it's in the rough again." Jacqui Kuypers is a principal in the CICA's Assurance Standards department

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