Largest professional services firm providing a full range of professional services.
Over 6,600 highly qualified professionals serve clients from offices in 46 Canadian cities
Deloitte is a leader in serving Higher Education institutions across North America.
Our Public Sector Group include research institutions, colleges, multi-campus systems, private and public universities, and a broad range of professional and other schools.
Concordia University McGill University University of Toronto Université Laval Université de Sherbrooke Ryerson University University of Windsor École des Hautes Études Commerciales Queen University University of Western Ontario University du Québec à Trois Rivières McMaster University University of Waterloo University du Québec à Rimouski University of Guelph Memorial University of Newfondland University du Québec à Montréal St-Paul University University of New Brunswick University du Québec en Outaouais Carleton University St. Francis Xavier University University of Calgary University of Ottawa
Christopher Wiegand – Christopher is an audit partner in the Montreal office. He is the engagement partner on the audit of McGill University, and has quality assurance roles on audits of three other universities. He also has extensive experience with not-for-profit organizations.
Eric Girard – Eric is a senior manager specializing in the public sector. He is the engagement senior manager on the audit of University of Ottawa and has extensive experience with not-for-profit organizations.
Eric Graham - Eric Graham is the Ottawa leader of our Complex Accounting & Transaction Expertise group. In his role, Eric helps organizations understand complex financial accounting and disclosure issues.
Error: an unintentional misstatement in financial statements, including the omission of an amount or a disclosure, such as:
A mistake in gathering or processing data from which financial statements are prepared;
An incorrect accounting estimate arising from oversight or misinterpretation of facts; and
A mistake in application of accounting principles relating to measurement, recognition, classification, presentation, or disclosure.
Fraud: an intentional act by one or more individuals among management, other employees, those charged with governance or third parties, involving the use of deception to obtain an unjust or illegal advantage.
Misstatements resulting from fraudulent financial reporting
Misstatements arising from misappropriation of assets
The primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and with management…
It is the responsibility of those charged with governance of the entity to ensure, through oversight of management, ….that the entity establishes and maintains internal control to provide reasonable assurance with regard to the reliability of financial reporting…and compliance with laws and regulations…
In exercising oversight responsibility, the audit committee or equivalent considers the potential for management override of internal controls or other inappropriate influence over the financial reporting process, such as efforts by management to manage earnings in order to influence the perceptions of analysts as to the entity’s performance and profitability.
An auditor conducting an audit in accordance with GAAS obtains reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error…
An auditor considers the potential for management override of controls and recognizes the fact that audit procedures that are effective for detecting error may not be appropriate in the context of an identified risk of material misstatement due to fraud …
Members of the engagement team should discuss the susceptibility of the entity’s financial statements to material misstatement due to fraud…
That discussion occurs with a questioning mind, setting aside any beliefs that the engagement team members may have that management and the audit committee are honest and have integrity…
A number of new assurance standards were issued or modified during 2005 in connection with an international audit risk project which has been in progress since 2001.
The changes in the assurance standards relate to the auditor's understanding of the entity and its internal control and are intended to achieve the following objectives:
Improve risk assessments and better link assessed risks of material misstatement to the auditor's evidence gathering procedures.
Ensure that Canadian standards are harmonized with the equivalent US and international standards.
The most significant changes include the performance of control testing on the design and implementation of controls each year on all significant business cycles and entity level controls . Additionally, changes have been made to audit planning standards, documentation standards and levels of substantive testing.
Assurance Developments Documentation 5145 Materiality 5142 Materiality and Audit Risk in Conducting an Audit 5130 Applying the Concept of Materiality AuG-41 Knowledge of the Entity’s Business 5140 Internal Control in the Context of an Audit 5200 Understanding Internal Control for Audit Planning Purposes 5205 Assessing Control Risk 5210 Applying Materiality and Audit Risk Concepts in Conducting an Audit AuG-31 Audit Evidence 5300 The Auditor’s Procedures in Response to Assessed Risks 5143 5141 5095 Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement Reasonable Assurance and Audit Risk Modified Added Withdrawn CICA Handbook Section
With respect to transition to Sections 3855, 3865 and 4400:
Restatement of prior period financial statements is not permitted
All financial assets and liabilities at the date of adopting the new standards are classified and measured in accordance with the new standards
Qualifying hedging relationships at the date of adopting the new standards are accounted for in accordance with the new standards
Subject to the requirements of Section 4410 “Contributions – Revenue Recognition”, any adjustments to the previous carrying values of financial assets and liabilities at the date of adopting the new standards are included in the appropriate components of net assets at that date
Christopher Wiegand email@example.com (514) 393-7343
Deloitte, Canada's leading professional services firm, provides audit, tax, financial advisory services and consulting through more than 6,100 people in more than 47 offices. Deloitte & Touche LLP, operates in Québec as Samson Bélair/Deloitte & Touche s.e.n.c.r.l. The firm is dedicated to helping its clients and its people excel. Deloitte is the only professional services firm to be named to the Globe and Mail's Report on Business magazine annual ranking of Canada's top employers for two consecutive years: 35 Best Companies to Work for in Canada in 2001 and 50 Best Companies to Work for in Canada in 2002. "Deloitte" refers to Deloitte & Touche LLP and affiliated entities. Deloitte is the Canadian member firm of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a Swiss Verein (association), and, as such, neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the name "Deloitte", "Deloitte & Touche", "Deloitte Touche Tohmatsu" or other related names. The services described herein are provided by the Canadian member firm and not by the Deloitte Touche Tohmatsu Verein.