Related Discussions

• Updated Guidance for Performance Audits in the Public Sector – AASB

• Oct 07, 2019

• At its meeting on October 7-8, 2019, the AASB discussed the key issues raised by stakeholders on the Exposure Draft, “Assurance and Related Services Guideline (AuG) 50, Conducting a Performance Audit in the Public Sector in Accordance with CSAE 3001.” Key issues discussed included: (i) the definition of legislative auditor; (ii) addressing concerns related to internal control; and (iii) how to present an assurance conclusion in a performance audit.

• Update of Public Sector Auditing Standards - AASB

• May 03, 2018

• At its meeting on May 3, 2018, the AASB discussed consequential amendments to Canadian Standard on Related Services (CSRS) 4460, Reports on Supplementary Matters Arising from an Audit or a Review Engagement, that would address comments respondents raised on the Exposure Draft of Assurance and Related Services Guideline (AuG) 49, Reporting on Compliance with Specified Authorities for Transactions Coming to the Auditor’s Notice during the Audit of Financial Statements. The Board supported the proposed amendments, with minor revisions. AuG-49 and the final wording of the consequential amendments will be brought to the Board for approval at a future date.

• Update of Public Sector Auditing Standards - AASB

• Jan 25, 2018

• At its meeting on January 25-26, 2018, the AASB reviewed comments received from Canadian stakeholders on the Exposure Draft of AuG-49, Reporting on Compliance with Specified Authorities for Transactions Coming to the Auditor’s Notice during the Audit of Financial Statements. Key issues discussed included: (i) whether to make consequential amendments to CSRS 4460, Reports on Supplementary Matters Arising from an Audit or a Review Engagement, to address engagements under PS 5300, Auditing for Compliance with Legislative and Related Authorities in the Public Sector, paragraphs .17-.24; and (ii) the effective date of AuG-49 and whether to allow for early application. The Board reviewed changes made to AuG-49 in response to the comments received. The final Guideline is anticipated to be approved in the spring of 2018.

• Update of Public Sector Auditing Standards - AASB

• Sep 14, 2017

• At its meeting on September 14-15, 2017, the AASB received an update on the activities of the Public Sector Auditing Standards Review Task Force, including: (i) planned outreach activities related to the Exposure Draft of AuG-49, Reporting on Compliance with Specified Authorities for Transactions Coming to the Auditor’s Notice during the Audit of Financial Statements; and (ii) the need for guidance related to performance audits in the public sector conducted under CSAE 3001, Direct Engagements. The Board supported the Task Force’s activities to develop guidance related to performance audits.

• Update of Public Sector Auditing Standards - AASB

• Jun 12, 2017

• At its meeting on June 12-13, 2017, the AASB approved a revised exposure draft of AuG-49, Reporting on Compliance with Specified Authorities for Transactions Coming to the Auditor’s Notice during the Audit of Financial Statements. The exposure draft was updated to align with revised CAS 700, Forming an Opinion and Reporting on Financial Statements, which the Board recently issued. The guideline would replace Auditing for Compliance with Legislative and Related Authorities in the Public Sector, paragraphs PS 5300.14-.16. The exposure draft is expected to be issued in July 2017 with a comment deadline of November 10, 2017.

• Update of Public Sector Auditing Standards - AASB

• Mar 06, 2017

• At its meeting on March 6-7, 2017, the AASB reviewed the proposed AuG-49, Reporting on Compliance with Specified Authorities for Transactions Coming to the Auditor’s Notice during the Audit of Financial Statements, and discussed issues including: (i) the scope; (ii) the wording of the compliance opinion; and (iii) the form of the compliance report. The AASB unanimously approved the exposure draft of proposed AuG-49. This guideline would replace Auditing for Compliance with Legislative and Related Authorities in the Public Sector, paragraphs PS 5300.14-.16. The exposure draft is expected to be issued in May 2017 with a response date of August 28, 2017.

• Update of Public Sector Auditing Standards - AASOC

• Feb 16, 2017

• At its meeting on February 16, 2017, the AASOC and AASB discussed issues related to the AASB project to update the Sections in the CPA Canada Handbook – Assurance dealing with the special circumstances that may apply to the audits of public sector entities. In particular, the AASB focused its discussion on a new guideline that is being developed to address one part of Section PS 5300. Issues discussed included whether: the guideline should address performance of the engagement or focus only on reporting; and the compliance opinion should be stand-alone or included within the auditor’s report on the financial statements.

• Update of Public Sector Auditing Standards - AASB

• Jan 23, 2017

• At its meeting on January 23-24, 2017, the AASB discussed issues related to developing an assurance and related services guideline to replace Section PS 5300, Auditing for Compliance with Legislative and Related Authorities in the Public Sector. Key issues discussed included the scope of the guideline and elements to be included in the reporting. The AASB plans to approve an exposure draft of the guideline at its March 2017 meeting.

• Update of Public Sector Auditing Standards - AASOC

• Oct 24, 2016

• At its meeting on October 24, 2016, the AASB discussed issues related to its project to update the Sections in the CPA Canada Handbook – Assurance dealing with the special circumstances that may apply to the audits of public sector entities. In particular, the AASB focussed its discussion on a new guideline that is being developed to address one part of Section PS 5300. Issues discussed included: (i) the scope of the guideline, in particular that it clearly needs to set out the circumstances under which the guideline would be used; (ii) whether the guideline should focus on reporting or performance of the engagement; (iii) the contents of the auditor’s report; (iv) guidance on modified opinions; (v) guidance on assessing the impact of non-compliance; and (vi) whether the guideline should be developed based on the auditor reporting standards currently in effect or the auditor reporting standards that the AASB expects to adopt in 2017.

• Update of Public Sector Auditing Standards - AASB

• Oct 17, 2016

• At its meeting on October 17-18, 2016, the AASB discussed issues related to the development of an auditing guideline to replace Section PS 5300, Auditing for Compliance with Legislative and Related Authorities in the Public Sector, including: (i) the scope of the auditing guideline; (ii) appropriate reporting elements to include in the auditor’s report; and (iii) illustrative reports to be included.

• Update of Public Sector Auditing Standards - AASB

• Jun 27, 2016

• At its meeting on June 27, 2016, the AASB discussed issues related to compliance audits in the public sector. The AASB agreed to develop a new assurance and related services guideline to address material contained in Section PS 5300, Auditing for Compliance with Legislative and Related Authorities in the Public Sector.

• Update of Public Sector Auditing Standards - AASOC

• Apr 07, 2016

• At its meeting on April 7, 2016, the AASOC received a report from the AASB regarding this project, including: (i) if and how Section PS 5300 can be incorporated into proposed CSAE 3530, Reports on Compliance with Agreements, Statutes and Regulations; (ii) whether guidance should be developed for addressing internal controls in CSAE 3000 and CSAE 3001; and (iii) reviewing the need for additional guidance on performance audits.

• Update of Public Sector Auditing Standards - AASB

• Mar 07, 2016

• At its meeting on March 7- 8, 2016, the AASB discussed issues related to its project to revise Sections in the Handbook dealing with the special circumstances that may apply to the audits of public sector entities undertaken by legislative and other external auditors, including: (i) confirmed the need to maintain a compliance auditing standard for the public sector; (ii) whether further guidance on identifying and assessing internal controls under CSAE 3000 and 3001 is needed; and (iii) stakeholder demands for guidance related to value-for-money audits. The AASB decided that the Public Sector Auditing Standards Review Task Force should continue to explore the best means of incorporating public sector auditing standards into the Handbook for discussion at a future meeting.

• Update of Public Sector Auditing Standards - AASB

• Sep 16, 2015

• At its meeting on September 16-18, 2015, the AASB unanimously approved a project proposal to revise the Sections in the CPA Canada Handbook – Assurance dealing with the special circumstances that may apply to the audits of public sector entities undertaken by legislative and other external auditors.

• Update of Public Sector Auditing Standards - AASB

• Jun 08, 2015

• At its meeting on June 8-9, 2015, the AASB considered the Sections in the CPA Canada Handbook – Assurance dealing with the special circumstances that may apply to the audits of public sector entities and whether these Sections should be revised or withdrawn. The AASB tentatively concluded that there is evidence of a need to retain and update some of these standards. The AASB asked that a project proposal setting out an approach to review and update the standards be presented to the AASB for approval at its September 2015 meeting.