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CAS 220, Quality Control for an Audit of Financial Statements

Ef­fec­tive date:

Ef­fec­tive for audits of financial statements for periods ending on or after December 14, 2010, ex­cept for sub­se­quent amend­ments.

[Cana­dian Au­dit­ing Stan­dard (CAS) 220, Quality Control for an Audit of Financial Statements, should be read in con­junc­tion with CAS 200, Over­all Ob­jec­tives of the In­de­pen­dent Au­di­tor and the Con­duct of an Au­dit in Ac­cor­dance with Cana­dian Au­dit­ing Stan­dards.]

Overview

This Canadian Auditing Standard (CAS) deals with the specific responsibilities of the auditor regarding quality control procedures for an audit of financial statements. It also addresses, where applicable, the responsibilities of the engagement quality control reviewer. It is to be read in conjunction with relevant ethical requirements.

Quality control systems, policies and procedures are the responsibility of the audit firm. Under CSQC 1, the firm has an obligation to establish and maintain a system of quality control to provide it with reasonable assurance that: (a) the firm and its personnel comply with professional standards and applicable legal and regulatory requirements; and (b) reports issued by the firm or engagement partners are appropriate in the circumstances.  This CAS is premised on the basis that the firm is subject to CSQC 1 or to requirements that are at least as demanding.  

The objective of the auditor is to implement quality control procedures at the engagement level that provide the auditor with reasonable assurance that: (a) the audit complies with professional standards and applicable legal and regulatory requirements; and (b) the auditor's report issued is appropriate in the circumstances.

His­tory of CAS 220

Date

De­vel­op­ment

Com­ments

August 2020

Para­graphs 9 and 10 were amended to reflect changes in the provincial Codes of Professional Conduct. See Completed Project.     

The changes are ef­fec­tive July 15, 2020.

Note: The above sum­mary does not in­clude de­tails of con­se­quen­tial amend­ments made as the re­sult of other pro­jects.

 

Amend­ments un­der con­sid­er­a­tion

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