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Updated Guidance for Performance Audits in the Public Sector (Replacing Sections PS5000, PS 5400, PS 6410 and PS 6420) [Completed]

Ef­fec­tive date:

 

AuG-50, Conducting a Performance Audit in the Public Sector in Accordance with CSAE 3001, is effective on its issue date of ­August 1, 2020.

Last up­dated:

August 2020

 

Overview

The AASB approved a project to update the Sections in the Handbook dealing with the special circumstances that may apply to the audits of public sector entities. Public sector auditing standards are used by legislative and other external auditors in their audits of public sector entities.

This project addressed key issues including:

  • considering whether other standards or guidance is needed;
  • updating the public sector auditing standards to align with CSAE 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information, and CSAE 3001, Direct Engagements;
  • identifying and addressing gaps between the Canadian Auditing Standards and the public sector auditing standards; and
  • updating terminology used and practices described in the public sector auditing standards to be consistent with current public sector practice and other standards in the Handbook.

The project was completed in two phases. The first phase related to the update of Section PS 5300, Auditing for Compliance with Legislative and Related Authorities in the Public Sector and was completed in September 2018.

This second phase re­lated to de­vel­op­ing new guid­ance for per­for­mance au­dits in the pub­lic sec­tor. This guid­ance re­places Section PS 5000, Introduction to Assurance Recommendations that apply only to the Public Sector, Sec­tion PS 5400, Value-for-Money Au­dit­ing in the Pub­lic Sec­tor; Sec­tion PS 6410, Plan­ning Value-for-Money Au­dits in the Pub­lic Sec­tor; and Sec­tion PS 6420, Knowl­edge of the Au­dit En­tity in Plan­ning Value-for-Money Au­dits in the Pub­lic Sec­tor.

On May 31, 2019, the AASB issued an Exposure Draft of Assurance and Related Services Guideline (AuG) 50, Conducting a Performance Audit in the Public Sector in Accordance with CSAE 3001.  Comments are requested by August 30, 2019.

At its meeting on March 9-10, 2020, the AASB approved AuG-50. AuG-50 was issued to the CPA Canada Handbook – Assurance on August 1, 2020 and is effective on its date of issue.

With the issuance of AuG-50, the following Sections have been withdrawn:

  • Section PS 5000, Introduction to Assurance Recommendations that apply only to the Public Sector;
  • Section PS 5400, Value-for-money Auditing in the Public Sector;
  • Section PS 6410, Planning Value-for-money Audits in the Public Sector;
  • Section PS 6420, Knowledge of the Audit Entity in Planning Value-for-money Audits in the Public Sector.

In addition, as a result of issuing AuG-50, amendments were made to CSRS 4460Reports on Supplementary Matters Arising from an Audit or a Review Engagement.

 

Other developments

August 2020

On August 1, 2020, AuG-50, Con­duct­ing a Per­for­mance Au­dit in the Pub­lic Sec­tor in Ac­cor­dance with CSAE 3001, was issued to the CPA Canada Handbook – Assurance.

July 2020

On July 31, 2020, the AASB released the Basis for Conclusions, a summary of the process followed in developing the Guideline and the Board’s conclusions regarding significant comments received in response to its Exposure Draft.

May 2019

On May 31, 2019, the AASB issued an Exposure Draft of AuG-50, Conducting a Performance Audit in the Public Sector in Accordance with CSAE 3001.  Comments are requested by August 30, 2019.

 

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