Assurance | Deloitte CFR
You can find more about assurance standards that are of interest to financial statement users by selecting the standard you are interested in from the following table or from the left navigation. The following is a list of selected standards that would be of interest to preparers and users of financial statements.
| Title | Description | Effective Date |
|---|---|---|
| CPA Professional Conduct: Auditor independence — Harmonized Rule of Professional Conduct (Rule 204) | Rule 204 sets out the Canadian profession’s standards, ensuring Chartered Professional Accountants (CPAs) maintain auditor independence during engagements they undertake or participate in. It sets the standards and requirements CPAs must maintain as part of their professional conduct. | The most recent version of Rule 204 was issued on November 14, 2014 and is generally effective for the first reporting period commencing after December 15, 2014 |
| CAS 620, Using the Work of an Auditor's Expert | This Canadian Auditing Standard deals with the auditor's responsibilities relating to the work of an individual or organization in a field of expertise other than accounting or auditing, when that work is used to assist the auditor in obtaining sufficient appropriate audit evidence. | |
| CAS 230, Audit documentation | Canadian Auditing Standard 230 deals with the auditor's responsibility to prepare audit documentation for an audit of financial statements. The Appendix lists other CASs that contain specific documentation requirements and guidance. The specific documentation requirements of other CASs do not limit the application of this CAS. Law or regulation may establish additional documentation requirements. | |
| CAS 520, Analytical procedures | Canadian Auditing Standard 520 deals with the auditor's use of analytical procedures as substantive procedures. It also deals with the auditor's responsibility to perform analytical procedures near the end of the audit that assist the auditor when forming an overall conclusion on the financial statements. Other standards deal with the use of analytical procedures as part of other audit activities. For example, CAS 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment, deals with analytical procedures as risk assessment. CAS 330, The Auditor’s Responses to Assessed Risks, includes requirements and guidance regarding the nature, timing and extent of audit procedures in response to assessed risks; these audit procedures may include substantive analytical procedures. | |
| CAS 580, Written Representations | Canadian Auditing Standard 580 deals with the auditor's responsibility to obtain written representations from management and, where appropriate, those charged with governance in an audit of financial statements. | |
| AuG-49, Reporting on Compliance with Specified Authorities for Transactions coming to the Notice of the Auditor during the Audit of Financial Statements | This Guideline provides guidance to auditors of public sector entities on the form of the auditor's report when expressing an audit opinion on whether the transactions that have come to the auditor's notice during the audit of financial statements complied with specified authorities. | Effective for reports dated on or after April 1, 2019, with earlier adoption permitted. |
| CSRS 4400, Agreed-upon Procedures Engagements | Canadian Standard on Related Services (CSRS) 4400, Agreed-upon Procedures Engagements, sets out requirements relating to: (i) engagement acceptance and continuance; (ii) agreeing the terms of the engagement; (iii) performing the agreed-upon procedures; (iv) using the work of a practitioner's expert; (v) the agreed-upon procedures report; (vi) undertaking an agreed-upon procedures engagement together with another engagement; and (vii) documentation. | Effective for agreed-upon procedures engagements for which the terms of engagement are agreed on or after January 1, 2022. The changes are effective for engagements beginning on or after December 15, 2023. |
| CAS 530, Audit sampling | Canadian Auditing Standard 530 applies when the auditor has decided to use audit sampling in performing audit procedures. It deals with the auditor's use of statistical and non-statistical sampling when designing and selecting the audit sample, performing tests of controls and tests of details, and evaluating the results from the sample. This CAS complements CAS 500, Audit Evidence, which deals with the auditor's responsibility to design and perform audit procedures to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor's opinion. CAS 500 provides guidance on the means available to the auditor for selecting items for testing, of which audit sampling is one means. | |
| CAS 505, External confirmations | Canadian Auditing Standard 505 deals with the auditor's use of external confirmation procedures to obtain audit evidence in accordance with the requirements of CAS 330, The Auditor’s Responses to Assessed Risks and CAS 500, Audit Evidence. It does not address inquiries regarding litigation and claims, which are dealt with in CAS 501. | |
| CAS 710, Comparative Information – Corresponding Figures and Comparative Financial Statements | This Canadian Auditing Standard deals with the auditor's responsibilities relating to comparative information in an audit of financial statements. When the financial statements of the prior period have been audited by a predecessor auditor or were not audited, the requirements and guidance in CAS 510, Initial audit engagements – opening balances, regarding opening balances also apply. | |
| CAS 510, Initial Audit Engagements – Opening Balances | Canadian Auditing Standard 510 deals with the auditor's responsibilities relating to opening balances in an initial audit engagement. In addition to financial statement amounts, opening balances include matters requiring disclosure that existed at the beginning of the period, such as contingencies and commitments. When the financial statements include comparative financial information, the requirements and guidance in CAS 710, Comparative Information - Corresponding Figures and Comparative Financial Statements, also apply. CAS 300, Planning an Audit of Financial Statements, includes additional requirements and guidance regarding activities prior to starting an initial audit. | |
| Section 9110, Agreed-upon Procedures regarding Internal Control over Financial Reporting [Superseded] | Section 9110 establishes standards and provides guidance on the public accountant's professional responsibilities in conducting an agreed-upon procedures engagement regarding internal control over financial reporting and on the form and content of the report that the public accountant issues in connection with such an engagement. | Section 9110 is withdrawn. CSRS 4400 is effective for agreed-upon procedures engagements for which the terms of engagement are agreed on or after January 1, 2022. |
| IAASB - The International Standard on Auditing for Audits of Financial Statements of Less Complex Entities | International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE is a standalone global auditing standard designed specifically for smaller and less complex businesses. It is the nature of the business that determines if this standard can be used i.e., how complex the business activities, organizational and ownership structures, finance function, technology, accounting & reporting are. It cannot be used for the audit of entities that are listed or have public interest characteristics. | This standard is effective for audits of financial statements of LCEs for jurisdictions that adopt or permit its use for periods beginning on or after December 15, 2025 |
| PCAOB AS 1000 – General Responsibilities of the Auditor in Conducting an Audit and Amendments to PCAOB Standards | The Public Company Accounting Oversight Board (“PCAOB” or the “Board”) is adopting a new auditing standard, AS 1000, General Responsibilities of the Auditor in Conducting an Audit, and amending other related PCAOB standards. The new auditing standard addresses the general responsibilities of the auditor, such as due professional care and professional skepticism, when conducting an audit in accordance with the standards of the PCAOB. | Effective, subject to approval by the SEC, for audits of financial statements for fiscal years beginning on or after December 15, 2024. |
| PCAOB AS 2310 – The Auditor’s Use of Confirmation, and Other Amendments to PCAOB Standard | The Public Company Accounting Oversight Board (PCAOB) adopted a new standard to strengthen and modernize the requirements for the auditor’s use of confirmation – the process that involves verifying information about one or more financial statement assertions with a third party. The new standard reflects changes in technology, communications, and business practices since the interim standard was first adopted by the PCAOB in 2003 after being issued by the AICPA in 1991. The updated standard will better protect investors by strengthening procedures that enhance an auditor’s ability to identify fraud in certain circumstances and improving overall audit quality. | |
| PCAOB QC 1000 – A Firm’s System of Quality Control and Other Amendments to PCAOB Standards, Rules, And Form | The Public Company Accounting Oversight Board (“PCAOB” or the “Board”) is adopting a new quality control standard, together with other amendments to PCAOB standards, rules, and forms. | Subject to approval by the SEC, the new standard will take effect on December 15, 2025. |
| CSAE 3410, Assurance Engagements on Greenhouse Gas Statements | Given the link between greenhouse gas (GHG) emissions and climate change, many entities are quantifying their GHG emissions for internal management purposes, and many are also preparing a GHG statement | Effective for assurance reports covering periods ending on or after September 30, 2013, except for subsequent amendments. The amendments are effective for periods beginning on or after December 15, 2022. |
| COSO’s Updated ERM Framework: Enterprise Risk Management–Integrating with Strategy and Performance (2017) | The COSO released its ERM Framework “Enterprise Risk Management–Integrating with Strategy and Performance”. The updated edition is designed to help organizations create, preserve, and realize value while improving their approach to managing risk. | |
| CSAE 3530, Attestation Engagements to Report on Compliance | CSAE 3530 deals with attestation engagements to report on management's explicit written statement of an entity's compliance with specified requirements. | 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. The changes are effective for periods beginning on or after December 15, 2022. |
| CSAE 3531, Direct Engagements to Report on Compliance | CSAE 3531 deals with direct engagements to report on an entity's compliance with specified requirements | Effective for direct engagements to report on an entity's compliance when the practitioner's report is dated on or after April 1, 2019. The changes are effective for periods beginning on or after December 15, 2022. |