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New Auditor Reporting – Summary Financial Statements (Amendments to CAS 810, Engagements to Report on Summary Financial Statements) [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 amendments to ISA 810, 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.

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.

March 2016

On March 24, 2016, the IAASB released ISA 810 (Revised), Engagements to Report on Summary Financial Statements, which deals with the auditor’s responsibilities relating to an engagement to report on summary financial statements derived from financial statements audited in accordance with International Standards on Auditing (ISAs) by that same auditor. ISA 810 (Revised) will become effective at the same time as the auditor reporting standards addressing general purpose financial statements—for engagements to report on summary 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 AASB expects to issue the final Canadian standard in Q3/2016.

August 2015

On August 28, 2015, the AASB issued an Exposure Draft that proposes to adopt revisions to ISA 810 issued by the IAASB dealing with auditor reporting on summary financial statements. Comments requested by October 2, 2015.

On August 3, 2015, the IAASB released an Exposure Draft proposing changes to ISA 810. The IAASB is proposing limited conforming amendments to ISA 810 as a result of the issuance of its new and revised auditor reporting standards, which address auditor reporting on general purpose financial statements. Comments requested by November 2, 2015.

 

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