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CSAE 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information, and CSAE 3001, Direct Engagements [Completed]

Ef­fec­tive date:

Effective for engagements where the assurance report is dated on or after June 30, 2017

Included in the CPA Canada Handbook - Assurance:

July 2015

Last up­dated:

July 2015

Overview

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.

CSAE 3000 was adopted from ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information, which was issued in December 2013 by the IAASB.

The AASB was not committed to adopting ISAE 3000. Therefore, CSAE 3000 contains Canadian amendments to address differences between ISAE 3000 and the applicable Canadian assurance standards. These differences include: (i) narrowing the scope of CSAE 3000 to address attestation engagements only; (ii) references to relevant ethical requirements; and (iii) terminology.

A direct engagement is an assurance engagement in which the practitioner evaluates the underlying subject matter against applicable criteria and aims to obtain sufficient appropriate evidence to express, in a written direct assurance report, a conclusion to intended users other than the responsible party, about the outcome of that evaluation. CSAE 3001 sets out the requirements related to planning, performing and reporting on direct engagements. Differences in wording between CSAE 3000 and CSAE 3001 relate only to differences between the performance of an attestation engagement and the performance of a direct engagement.

Other developments

July 2015

On July 2, 2015, the AASB staff released a Basis for Conclusions document summarizing the process followed in developing these standards and the conclusions reached regarding significant comments received in response to the AASB’s Exposure Draft.

June 2014

In June 2014, the AASB issued its Exposure Draft, Attestation and Direct Engagements. Comments requested by November 4, 2014.

December 2013

On December 9, 2013, the IAASB issued ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information.

Correction list for hyphenation

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