Related Discussions

• Reporting on Controls at a Service Organization – AASOC

• Jun 13, 2019

• At its meeting on June 13-14, 2019, following a presentation by Mr. Eric Turner, Director, Auditing and Assurance Standards, regarding the AASB’s project re CSAE 3416, the AASOC concluded that the AASB had followed due process with proper regard for the public interest in developing and approving CSAE 3416.

• Reporting on Controls at a Service Organization – AASB

• May 06, 2019

• At its teleconference meeting on May 6, 2019, the AASB unanimously approved revised CSAE 3416, Reporting on Controls at a Service Organization Relevant to User Entities’ Internal Control over Financial Reporting. The Board concluded that changes made in finalizing the standard were not significantly different from the proposals in the Exposure Draft and, therefore, re-exposure is not needed. The new standard will be effective for service auditors’ reports for periods ending on or after September 15, 2020. It is expected to be included in a Handbook update in September 2019 once the Auditing and Assurance Standards Oversight Council confirms that the Board followed due process with proper regard for the public interest.

• Reporting on Controls at a Service Organization – AASB

• Jan 24, 2019

• At its meeting on January 24-25, 2019, the Board discussed the approach to drafting guidance to assist practitioners who are required to report under both Canadian and U.S. standards. The guidance will address differences between each jurisdiction’s overarching attestation standards. The Board decided that the need for guidance for attestation engagements is limited to service and organization controls (SOC) engagements. Therefore, guidance should be developed that is targeted to SOC engagements.

• Reporting on Controls at a Service Organization – AASB

• Oct 15, 2018

• At its meeting on October 15-16, 2018, the AASB unanimously approved an Exposure Draft of CSAE 3416, Reporting on Controls at a Service Organization Relevant to User Entities’ Internal Controls over Financial Reporting. The Exposure Draft is expected to be issued in December 2018 and will have a 60-day comment period.

• Reporting on Controls at a Service Organization – AASB

• Sep 13, 2018

• At its meeting on September 13-14, 2018, the AASB discussed issues related to its project to revise Canadian Standard on Assurance Engagements (CSAE) 3416, Reporting on Controls at a Service Organization, and the exposure draft highlights memorandum. Issues discussed included: (i) the consistency between revised CSAE 3416 and other subject-matter-specific standards; and (ii) areas where proposed CSAE 3416 requirements differ from those in the American Institute of Certified Public Accountants equivalent standard, AT-C Section 320, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting. The AASB expects to approve an exposure draft at its October 2018 meeting.

• Reporting on Controls at a Service Organization – AASB

• Jun 11, 2018

• At its meeting on June 11-12, 2018, the AASB discussed issues related to its project to revise Canadian Standard on Assurance Engagements (CSAE 3416), Reporting on Controls at a Service Organization, including: (i) challenges affecting the overall approach to the project; and (ii) use of the terms “audit” versus “reasonable assurance” in the service auditor’s report.

• Reporting on Controls at a Service Organization - AASB

• Jan 25, 2018

• At its meeting on January 25-26, 2018, the AASB discussed the proposed project plan to revising CSAE 3416, Reporting on Controls at a Service Organization. The revisions to CSAE 3416 are required to align the standard to the AICPA standard AT‐C Section 320, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting, which came into effect in May 2017. The Board decided to create a Task Force to assist in revising the standard.

• Reporting on Controls at a Service Organization - AASB

• Nov 28, 2016

• At its meeting on November 28-29, 2016, the AASB unanimously approved a project proposal to revise CSAE 3416, Reporting on Controls at a Service Organization, in light of the American Institute of Certified Public Accountants’ new attestation standard AT-C Section 320, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting. The AASB discussed: (i) issuing an interim communication outlining key differences between CSAE 3416, AT-C Section 320 and ISAE 3402, Assurance Reports on Controls at a Service Organization; and (ii) the need for input from practitioners with expertise in these standards on this project.

• Reporting on Controls at a Service Organization - AASOC

• Oct 24, 2016

• At the AASOC meeting on October 24, 2016, the AASB reviewed a project proposal to revise CSAE 3416, Reporting on Controls at a Service Organization. The AASB will base the proposed revisions to CSAE 3416 on revisions made to an equivalent standard issued by the American Institute of Certified Public Accountants. The project will be undertaken in two steps. First, the AASB will issue an interim communication to stakeholders to highlight the key differences that will arise, because the U.S. standard is effective for service auditors’ reports dated on or after May 1, 2017. The second step will involve proposing revisions to CSAE 3416.