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Update of Public Sector Auditing Standards (Possible Amendments to Sections PS 5000, PS 5300, PS 5400, PS 6410 and PS 6420) [ED]

Next Steps:

The AASB expects to issue the final Guideline in the Spring of 2018.

Last up­dated:

May 2018

Overview

The objective of this project is 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 will address key issues including:

The first standard reviewed under this project is Section PS 5300. The Board’s assessment has identified the following proposed changes relating to Section PS 5300:

  1. requirements and application material in paragraphs PS 5300.11-.13 will be addressed by proposed CSAE 3530 or CSAE 3531 – See Project;
  2. requirements and application material in paragraphs PS 5300.14-.16 will be addressed by proposed AuG-49 – see below; and
  3. requirements and application material in paragraphs PS 5300.17-.24 are addressed by Canadian Standard on Related Services (CSRS) 4460, Reports on Supplementary Matters Arising from an Audit or a Review Engagement.

On August 1, 2017, the AASB issued an Exposure Draft of proposed AuG-49, Reporting on Compliance with Specified Authorities for Transactions Coming to the Auditor’s Notice during the Audit of Financial Statements, in respect of this project.

With respect to part i of the project relating to PS 5300, in March 2018, the AASB issued CSAE 3530, Attestation Engagements to Report on Compliance, and CSAE 3531, Direct Engagements to Report on Compliance. These standards replace paragraphs PS 5300.11-.13, addressing engagements that require an auditor, depending on the audit mandate, to express an opinion on whether an entity complied with specified authorities or whether its transactions were carried out in compliance with specified authorities. CSAE 3530 is effective for attestation engagements to report on management's statement of an entity's compliance when the practitioner's report is dated on or after April 1, 2019 and CSAE 3531 is effective for direct engagements to report on an entity's compliance when the practitioner's report is dated on or after April 1, 2019. 

Other developments

March 2018

In March 2018, the AASB issued CSAE 3530 and CSAE 3531, which will replace paragraphs PS 5300.11-.13 and are effective when the practitioner's report is dated on or after April 1, 2019.

November 2017

In November 2017, the AASB staff updated this project to indicate that the AASB expects to issue the final Handbook material in Q2/2018.

August 2017

On August 1, 2017, the AASB issued an Exposure Draft of proposed AuG-49, Reporting on Compliance with Specified Authorities for Transactions Coming to the Auditor’s Notice during the Audit of Financial Statements, in respect of this project. Comments are requested by November 28, 2017.

June 2017

In June 2017, the AASB staff updated this project to advise that an Exposure Draft is now expected in Q3/2017.

October 2016

In October 2016, the AASB staff updated this project to advise that the AASB expects to issue an Exposure Draft in respect of this project in Q2/2017.

July 2016

In July 2016, the staff updated this project to indicate that the AASB expects to issue an Exposure Draft in Q4/2016.

 

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