Assurance

Project	Summary
Audit Evidence [ED]	The objectives of the project are to: (a) explore issues relevant to audit evidence, including those arising from technology, professional skepticism and the growing number of sources of information available to auditors; and (b) identify and implement actions to address these issues, which may include revisions to ISA 500 or other actions, such as non-authoritative guidance
Canadian Standard on Related Services (CSRS) 4250, Compilations Engagements on Future-oriented Financial Information and Pro Forma (Replacement of AuG-16) [ED]	This project will determine what authoritative guidance, if any, is needed in the CPA Canada Handbook to address assurance matters pertaining to future-oriented financial information.
CPAB Project – Communication to audit committees – Phase II [ED]	In 2021 CPAB conducted a public consultation to gather stakeholder input and invite a dialogue to inform CPAB’s evolution of its approach to disclosing the results of oversight of participating audit firms that audit Canadian reporting issues. The majority of stakeholders said CPAB should significantly increase or make targeted improvements to how CPAB discloses its regulatory assessments. Specifically, audit committee members expressed that additional information on the results of CPAB’s oversight would be beneficial in supporting their oversight of auditors. Investors and other commentators outlined that increased disclosures would increase public accountability and pressure on firms to improve audit quality.
Fraud [ED]	On September 15, 2020, the International Auditing and Assurance Standards Board (IAASB) opened a public consultation, "Fraud and Going Concern in an Audit of Financial Statements: Exploring the Differences Between Public Perceptions About the Role of the Auditor and the Auditor’s Responsibilities in a Financial Statement Audit".
Going Concern [ED]	On September 15, 2020, the International Auditing and Assurance Standards Board (IAASB) opened a public consultation, "Fraud and Going Concern in an Audit of Financial Statements: Exploring the Differences Between Public Perceptions About the Role of the Auditor and the Auditor’s Responsibilities in a Financial Statement Audit". Comments were requested by January 12, 2021.
IAASB: Proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements [ED]	The IAASB approved the project proposal for the development of an overarching standard for assurance on sustainability reporting
IESBA - Using the Work of an External Expert [ED]	This project addresses the ethics, including independence, considerations relating to the use of all experts, whether employed or externally engaged (i.e., hired) by an employing organization or firm in (a) audit, sustainability, and other assurance engagements, (b) the provision of professional services other than audit and assurance services, and (c) the preparation of financial and non-financial information.
PCAOB – Firm and Engagement Metrics [ED]	The Firm and Engagement Metrics proposal would, if adopted, require PCAOB-registered public accounting firms that audit one or more issuers that qualify as an accelerated filer or large accelerated filer to publicly report specified metrics relating to such audits and their audit practice.
PCAOB – Firm Reporting [ED]	The Firm Reporting proposal would, if adopted, amend the PCAOB’s annual and special reporting requirements to facilitate the disclosure of more complete, standardized, and timely information by registered public accounting firms.
PCAOB Amendments to PCAOB Auditing Standards related to a Company’s Noncompliance with Laws and Regulations (NOCLAR) [ED]	On June 6, 2023, the Public Company Accounting Oversight Board (PCAOB) issued for public comment a proposal to replace AS 2405, Illegal Acts by Clients, in its entirety with AS 2405, A Company’s Noncompliance with Laws and Regulations, together with conforming amendments to PCAOB auditing standards. The comment period is open through August 7, 2023.
Proposed International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) and Other Revisions to the Code Relating to Sustainability Assurance and Reporting [ED]	In December 2022, the International Ethics Standards Board for Accountants (IESBA) approved a project proposal with the objectives to develop: (a) Revisions to the Code to address the ethics issues that might arise in sustainability reporting; and (b) Ethics and independence standards for use and implementation by all sustainability assurance. In undertaking this project, the IESBA has engaged closely with the International Auditing and Assurance Standards Board (IAASB) to ensure that the IESBA’s final sustainability-related standards will be consistent and interoperable with the proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements (ISSA 5000), including definitions of terms such as “sustainability information,” using the work of another practitioner, sustainability assurance engagements in a group context, and the concept of value chain.
Proposed narrow scope amendments to ISQMs, ISAs, and international standard on Review engagements 2400 (revised), Engagements to review historical financial statements [ED]	The International Auditing and Assurance Standards Board (IAASB) is currently working on a narrow scope maintenance of standards project on listed entity and PIE that addresses the IAASB’s actions in respect of recent revisions to the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) as a result of IESBA’s project on the definitions of listed entity and PIE.

Project	Summary
2021 CPAB Disclosures - public consultation [Completed]	CPAB's recommendations include both near-term changes to be implemented in 2023 and longer-term modifications which require changes to legislation or to our rules.
Addressing Disclosures in the Audit of Financial Statements (Amendments to CASs 200, 210, 240, 260, 300, 315, 320, 330, 450 and 700) [Completed]	The revisions to the standards aim to focus auditors more explicitly on disclosures throughout the audit process and drive consistency in auditor behavior in applying the requirements of the auditing standards.
Agreed-Upon Procedures (Amendments to Section 9100) [Completed]	The objective of this project is to update Section 9100, "Reports on the Results of Applying Specified Auditing Procedures to Financial Information Other than Financial Statements", which was written several years ago.
Amendments to the ISAs/CASs with respect to the IESBA’s revised Definitions of Listed Entities and PIEs [Completed]	The IAASB discussed and approved a project proposal to undertake a narrow scope maintenance of standards project on listed entities and PIEs. This project sets out the IAASB’s actions to respond to recent revisions to the IESBA Code as a result of their project on the Definitions of Listed Entity and PIE.
Assurance on Compliance with Agreements, Statutes and Regulations (Amendments to Sections 5800, 5815, and 8600) [Completed]	Public accountants are often asked to provide assurance on an entity’s compliance with statutes, regulations and agreements. Section 5800, Special Reports — Introduction, Section 5815, "Special Reports — Audit Reports on Compliance with Agreements, Statutes and Regulations", and Section 8600, "Reviews of Compliance with Agreements and Regulations", were written several years ago. CSAE 3530 and CSAE 3531 replaced those standards.
Assurance on Integrated Reporting and other EER – IAASB [Completed]	The Integrated Reporting Working Group (IRWG) of the International Auditing and Assurance Standards Board (IAASB) was initially formed to monitor the demand for assurance engagements on integrated reporting.
Auditing Accounting Estimates (Amendments to CAS 540) [Completed]	This project has for objective to develop clearer or additional guidance to enable auditors to appropriately deal with accounting estimates and related disclosures.
Auditor Reporting – Key Audit Matter Reporting and Other Considerations (Amendments to CAS 700) [Completed]	The objective of this project was to consider whether reporting on key audit matters should be required for audits of other listed entities.
Auditor's Consent to the Use of a Report of the Auditor Included in an Offering Document (Amendments to Section 7150) [Completed]	The proposed amendments to Section 7150 are being made primarily to address the requirements of stock exchanges for the auditor’s consent to include certain statements. In addition, the AASB is proposing a number of amendments to correct an oversight in the previous drafting of Section 7150, and to improve the clarity of the Section.
Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents [Completed]	This project revises Section 7500, “Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents”.
Audits of less complex entities – Phase II [Completed]	This project addresses the challenge of applying the CASs to audits of LCEs, including whether to pursue a separate standard for audits of LCEs in Canada.
Audits of less complex entities – Phase I [Completed]	The IAASB seeks to further understand the challenges of using ISAs in audits of less complex entities and views about possible actions to address these challenges.
Compilation Engagements (Amendments to Section 9200) [Completed]	This project will include determining the nature and extent of revisions that should be made to Section 9200, "Compilation Engagements", and may involve adoption of International Standard on Related Services (ISRS) 4410 (Revised), "Compilation Engagements", which was issued by the IAASB in March 2012. ISRS 4410 (Revised) is effective for compilation engagement reports dated on or after July 1, 2013.
Conforming Amendments to the IAASB’s International Auditing Standards as a Result of the Revised IESBA Code [Completed]	This project is intended to ensure that the IAASB's International Standards can continue to be applied together with the IESBA Code.
COSO Enterprise Risk Management - Aligning Risk with Strategy and Performance (Amendments to COSO’s ERM Framework) [Completed]	COSO issued a proposal, “Enterprise Risk Management — Aligning Risk With Strategy and Performance,” which addresses the increasing complexity of risk and new risks that have developed since the issuance of its 2004 enterprise risk management (ERM) framework.
CPAB Project - Audit Quality Indicators (AQIs) [Completed]	The aim of audit quality indicators (AQIs) project is to enhance the discussion of audit quality among stakeholders and provide a way for audit firms to show their commitment to, and compete on, audit quality.
CPAB Project – Audit Committee Communications [Completed]	The objectives of this project include: (i) to better understand the quality and efficacy of communications between auditors and audit committees through multi-stakeholder dialogue and case study analysis; and (ii) to identify best practices that can be broadly shared with audit firms, audit committees and preparers.
CPAB Project – Comprehensive Review of the Auditor [Completed]	The objectives of this project include: (i) to better understand the challenges around auditor evaluation; (ii) to identify best practices in performing a comprehensive review for sharing with the audit firm, audit committee and preparer communities; and (iii) to obtain feedback on the current comprehensive review tools and guidance.
CPAB Project – Fraud in an Audit of Financial Statements [Completed]	The objective of this project is to focus on how far an auditor’s responsibility extends in detecting fraud in an audit of the financial statements
CPAB Project – Going Concern [Completed]	This project enhances our understanding of how auditors approach their work to review management’s assessment of going concern risk.
CSAE 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information, and CSAE 3001, Direct Engagements [Completed]	These two new Canadian Standards on Assurance Engagements (CSAEs) replace (i) Section 5025, "Standards for Assurance Engagements other than Audits of Financial Statements and Other Historical Financial Information"; (ii) Section 5030, "Quality Control Procedures for Assurance Engagements other than Audits of Financial Statements and Other Historical Financial Information"; (iii) Section 5049, "Use of Specialists in Assurance Engagements other than Audits of Financial Statements and Other Historical Financial Information"; and (iv) Section 5050, "Using the Work of Internal Audit in Assurance Engagements other than Audits of Financial Statements and Other Historical Financial Information".
Data Analytics – IAASB [Completed]	Technological change is occurring at a rapid pace, ushering in the capability to capture and communicate data digitally, on an unprecedented scale and almost instantaneously. This has resulted in an increasing focus on data, whether structured or unstructured, and whether generated internally or externally to the entity.
Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control, and Group Audits (Possible Amendments to CAS 200, CAS 220, CAS 315, CAS 600 and CSQC 1) [Completed]	This project highlights the IAASB’s discussions on the topics of professional skepticism, quality control and group audits and flags potential standard-setting activities the IAASB could take to enhance audit quality.
Fraud and Going Concern in an Audit of Financial Statements [Completed]	The objective of this project is to gather perspectives from a broad range of stakeholders across the financial reporting ecosystem about the role of the auditor in relation to fraud and going concern in an audit of financial statements
Group Audits [Completed]	The objective of this project was to determine the nature of the IAASB’s response to issues that have been identified relating to group audits.
IAASB: Conforming Amendments to its Other Standards and Framework due to the Revised Quality Management Standards [Completed]	This project addresses the changes in some of its standards and framework resulting from the new and revised quality management standards.
IAASB: Post-implementation Review of the New Auditor Reporting Standards [Completed]	To provide ongoing support of these standards, the AASB is obtaining Canadian stakeholders’ views on the enhanced auditor reporting standards via its AASB Auditing Reporting PIR Stakeholder Survey
Identifying and Assessing the Risks of Material Misstatement [Completed]	ISA 315 (Revised) deals with the auditor’s responsibility to identify and assess the risks of material misstatement in the financial statements, through understanding the entity and its environment, including the entity’s internal control.
New Auditor Reporting (Amendments to CAS 700, CAS 705, CAS 706, CAS 260 and CAS 570 and new CAS 701) [Completed]	Users of audited financial statements are asking auditors to provide more information in their reports about significant matters in the financial statements, as well as about the conduct of the audit. The IAASB and the AASB believe that a quality audit should be accompanied by an informative auditor’s report that delivers value to the entity’s stakeholders.
New Auditor Reporting – Summary Financial Statements (Amendments to CAS 810, Engagements to Report on Summary Financial Statements) [Completed]	The IAASB released ISA 810 (Revised), "Engagements to Report on Summary Financial Statements," resulting from the significant revisions to its auditor reporting standards. Revisions that the IAASB makes to this standard will be reflected in the equivalent CAS [CAS 810, "Engagements to Report on Summary Financial Statements"] with limited Canadian-specific amendments, if any are necessary.
New Auditor Reporting – Special Considerations (Amendments to CAS 800 and CAS 805) [Completed]	Amendments to CAS 800, "Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks" and CAS 805, "Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement", resulting from the revisions to its auditor reporting standards.
PCAOB – AS 1000, General Responsibilities of the Auditor in Conducting an Audit and Amendments to PCAOB Standards [Completed]	This new auditing standard enhances and consolidates a group of standards, adopted on an interim basis by the PCAOB in April 2003, addressing the general principles and responsibilities of the auditor, such as due professional care and professional skepticism.
PCAOB – QC 1000, A Firm’s System of Quality Control [Completed]	This new standard is designed to lead registered public accounting firms to significantly improve their quality control (QC) systems, replacing QC standards that were developed and issued by the auditing profession before the PCAOB was established in 2002.
Quality Management [Completed]	This project proposes to bring important changes to the way professional accountancy firms are expected to manage quality, for audits, reviews, and other assurance and related services engagements.
Reporting on Controls at a Service Organization (Amendments to CSAE 3416) [Completed]	The objective of this project is to update CSAE 3416, Reporting on Controls at a Service Organization, which was issued in 2010.
Reports on the Application of Accounting Principles (Possible Amendments to Section 7600) [Completed]	Opinion shopping services, as described in Section 7600, "Reports on the Application of Accounting Principles", are only rarely performed in practice today. Preliminary research suggests that entities (particularly public companies) do not ask their auditors for guidance when making accounting or financial statement disclosure decisions. Instead, entities are engaging practitioners other than their auditors to provide advice on the appropriate application of complex aspects of a financial reporting framework.
Revisions to the Joint Policy Statement (JPS) Concerning Communications between Actuaries Involved in the Preparation of Financial Statements and Auditors [Completed]	This project proposes to revise the Joint Policy Statement Concerning Communications between Actuaries Involved in the Preparation of Financial Statements and Auditors
The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements (Amendments to CAS 720) [Completed]	Project to revise ISA 720, "The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements", in order to ensure that it continues to be capable of enhancing the credibility of financial statements.
Update of Public Sector Auditing Standards (Phase I - Amendments to Sections PS 5300) [Completed]	The objective of this project is to update the Sections in the Handbook dealing with the special circumstances that may apply to the audits of public sector entities.
Updated Guidance for Performance Audits in the Public Sector (Replacing Sections PS5000, PS 5400, PS 6410 and PS 6420) [Completed]	The objective of this project is to update the Sections in the Handbook dealing with the special circumstances that may apply to the audits of public sector entities.

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