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CSOA 5000, Use of the Practitioner’s Communication or Name (formerly proposed to be titled Association) [Completed]

Effective date:

The standard will be effective for a practitioner’s consent provided on or after June 1, 2017.

Included in the CPA Canada Handbook - Assurance:

January 2017

Last up­dated:

January 2017

Overview

The AASB approved CSOA 5000, Use of the Practitioner’s Communication or Name (formerly titled Association), and related consequential amendments. The AASB concluded that changes made in finalizing the standard do not result in substantial changes in practice. Therefore re-exposure is not required. The standard will be effective for a practitioner’s consent provided on or after June 1, 2017 and is expected to be included in a January 2017 Handbook update.

In July 2015, Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents, was replaced with Section 7170, Auditor’s Consent to the Use of the Auditor’s Report Included in a Business Acquisition Report.  As a result of a consequential amendment in finalizing CSOA 5000, Section 7500, will be reinstated to the Handbook. The scope of Section 7500 will be amended to remove consents to the use of the auditor’s report included in a business acquisition report as such consents are addressed in Section 7170.

The fundamental principles underlying CSOA 5000 are consistent with those underlying Section 5020. However, certain aspects of CSOA 5000 may differ significantly from some practitioners’ interpretations of Section 5020, including the following: (i) scope; (ii) the use of the practitioner’s name or communication in connection with accompanying information (related to: obtaining an understanding of the intended use of consent; obtaining a basis to consent to the use of the practitioner’s name or communication in connection with accompanying information; material misstatement of accompanying information; and communicating the practitioner’s involvement with accompanying information or, when applicable, communicating there has been no involvement;) (iii) the use of the practitioner’s communication in another language (related to: becoming aware of the use of the practitioner’s communication in another language; obtaining a basis to consent to the use of the practitioner’s communication in another language; and notification if the practitioner does not consent to the use of the practitioner’s communication in another language); (iv) becoming aware of information to which the practitioner had attached a communication that has been subsequently issued without the practitioner’s communication; and (v) issuing consent if the practitioner has expressed an adverse conclusion or disclaimed a conclusion.

 

Other developments

January 2017

On January 3, 2017, the AASB released the Basis for Conclusions, which summarizes the process followed in developing this standard and the conclusions reached by the AASB regarding significant comments received in response to its Exposure Draft and Re-exposure Draft.

August 2016

On August 26, 2016, the AASB issued a letter from its Chair advising that the effective date of Section 7170, Auditor’s Consent to the Use of the Auditor’s Report in a Business Acquisition Report, is being deferred by one year to June 1, 2017. This is because the AASB believes it is important to align the effective date of Section 7170 with the effective date of CSOA 5000. Refer to the letter on the AASB website for further details. 

July 2016

In July 2016, the staff updated this project to indicate that the AASB now expects to issue the final Canadian standard in Q4/2016.

March 2016

In March 2016, the AASB staff updated this project to advise that the AASB expects to issue the final Canadian standard in Q3/2016.

On March 8, 2016, the AASB issued a Re-exposure Draft of a proposed new standard that would replace existing Section 5020, Association. Stakeholders are encouraged to submit their comments by May 13, 2016. The fundamental principles underlying proposed CSOA 5000, as set out in this Re-exposure Draft, are consistent with those underlying the Exposure Draft. The changes in this Re-exposure Draft deal primarily with improving the understandability and clarity of the requirements of this CSOA in response to stakeholders’ comments.

March 2015

On March 9, 2015, the AASB issued its Exposure Draft, Association, in respect of the proposed new CSOA 5000. Comments requested by July 10, 2015.

 

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