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

Comment period ends on August 30, 2019

 

Pro­posed ef­fec­tive date:

The AASB proposes that AuG-50 would become effective when it is issued. Based on current project plans, the Board expects this to be in the first half of 2020.

Next steps:

 

The Board ex­pects to review the responses to its Exposure Draft in Q3/2019

Last up­dated:

May 2019

 

Overview

The AASB has 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 will address 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 will be completed in 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 next phase re­lates to de­vel­op­ing new guid­ance for per­for­mance au­dits in the pub­lic sec­tor. This guid­ance will re­place 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.

Other developments

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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