This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

New Auditor Reporting – Special Considerations (Amendments to CAS 800 and CAS 805) [Completed]

Effective date:

The new and revised auditor reporting standards will be effective for audits of financial statements for periods ending on or after December 15, 2018.

Included in the CPA Canada Handbook – Assurance:

Expected to be included in a Handbook update in mid-2017.

Last up­dated:

April 2017

Overview

The IAASB has made consequential amendments to ISA 800, Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805, Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement, resulting from the significant revisions to its auditor reporting standards.

Revisions that the IAASB makes to these standards will be reflected in the equivalent CASs (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) respectively, with limited Canadian-specific amendments, if any are necessary.

In April 2017, the AASB unanimously approved new and revised CASs relating to auditor reporting, and the auditor’s responsibilities relating to other information. The Board also unanimously approved related conforming amendments to other standards, and amendments to address disclosures in the audit of financial statements.

The Board concluded that changes made in finalizing the standards were significantly different from the proposals in the Exposure Drafts and Invitations to Comment. The significant differences from the proposals are:

  • deferring the effective date for application by one year; and
  • amending the scope of reporting of key audit matters so that such matters are communicated in the auditor’s report only when required by law or regulation or the auditor decides to do so.

Since these changes were made in response to feedback received, the Board unanimously decided not to re-expose the CASs. The new and revised standards will be effective for audits of financial statements for periods ending on or after December 15, 2018 and are expected to be included in the CPA Canada Handbook update in mid-2017.

 

Other developments

October 2016

In October 2016, the AASB staff updated this project to advise that the final CPA Canada Handbook material is expected to be issued in Q2/2017.

January 2016

On January 7, 2016, the IAASB released ISA 800 (Revised), Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805 (Revised), Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial StatementISA 800 (Revised) and ISA 805 (Revised) will become effective at the same time as the auditor reporting standards addressing general purpose financial statements–for audits of financial statements for periods ending on or after December 15, 2016.

December 2015

In December 2015, the AASB staff updated this project to advise that the final Canadian standards are expected to be issued in Q3/2016.

September 2015

At its meeting on September 21-25, 2015, the IAASB approved its consequential amendments to ISA 800 and ISA 805. The amendments are to be effective for the audits of financial statements for periods ending on or after December 15, 2016.

June 2015

At its meeting on June 15-19, 2015, the IAASB considered a summary of the feedback from the 43 respondents to its Exposure Draft, as well as revised drafts of proposed ISA 800 (Revised) and proposed ISA 805 (Revised).

At its meeting on June 8-9, 2015, the AASB provided input to the CPA Canada nominee on the IAASB on issues related to the IAASB’s proposed revisions to ISA 800 and ISA 805, including proposed conforming amendments as a result of issuing the ISAs dealing with auditor reporting. The AASB noted that the IAASB’s proposals substantively address concerns raised by the AASB in its response to the IAASB’s Exposure Draft.

April 2015

At its meeting on April 14, 2015, the AASB discussed comments received on its Exposure Draft.

March 2015

On March 2, 2015, the AASB issued an Exposure Draft, Reporting on Audited Financial Statements: Special Considerations, to Canadian stakeholders which proposed to adopt the revisions to ISA 800 and 805 proposed by the IAASB with no Canadian amendments.  Comments requested by March 31, 2015.

January 2015

On January 22, 2015, the IAASB issued an Exposure Draft, which proposes revisions to ISA 800 and 805.  Comments requested by April 22, 2015.

December 2014

At its meeting on December 1-5, 2014, the IAASB approved an Exposure Draft of consequential amendments to ISA 800 and ISA 805, resulting from the new auditor reporting standards.

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.