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AASB Exposure Draft – Reporting on Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting

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Dec 18, 2018

On December 18, 2018, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft proposing revision to CSAE 3416. Stakeholders are encouraged to submit their comments by February 28, 2019.

The objectives of the project to revise and replace CSAE 3416 are to:

  • Align CSAE 3416 with the AICPA’s new AT-C Section 320;
  • Align CSAE 3416 with Canadian umbrella standard CSAE 3000;3
    and
  • Continue to align CSAE 3416 in most respects with International Standard on Assurance Engagements (ISAE) 3402

Subject to input the AASB receives from Canadian stakeholders, proposed CSAE 3416 would be effective for service auditors’ reports for periods ending on or after September 15, 2020. Earlier application would be permitted.

Review the press release and exposure draft on the AASB's website.

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