In Brief Podcast – AASB’s Exposure Draft, Reporting on Controls at a Service Organization
Jan 14, 2019
On January 14, 2019, the Auditing and Assurance Standards Board (AASB) released a podcast that provides a plain and simple overview of the AASB’s Exposure Draft, "Reporting on Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting."
Stakeholders have told the AASB that the Canadian and U.S. marketplace for engagements to report on controls at a service organization are highly integrated. The AASB are therefore committed to maintaining the current alignment between the Canadian and U.S. Standards for these types of engagements.
The proposed changes outlined in the exposure draft will impact:
- Someone with oversight over a service organization OR someone with oversight over a company who engages a service provider
- A practitioner who prepares CSAE 3416 reports OR an auditor who uses CSAE 3416 reports as audit evidence
Aside from aligning CSAE 3416 with the AICPA’s new standard, the revisions are also intended to ensure the Canadian standard:
- Aligns with the Canadian umbrella standard, CSAE 3000; and
- Continues to align in most respects with the International Standard on Assurance Engagements, ISAE 3402
Listen to the podcast and review the transcript on the AASB's website.
