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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

[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.]


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

There have been no amendments to CAS 220 since its date of issue.

Note: Our history summary does not take into account consequential amendments made as the result of other projects.

Amend­ments un­der con­sid­er­a­tion

Correction list for hyphenation

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