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 CASs, 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 CASs 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. |
April 2021 |
CAS 220 was revised as a result of the issue of the new Audit Quality Management standards. See Completed Project. |
The changes are effective for audits and reviews of financial statements for periods beginning on or after December 15, 2022 and for related services engagements on December 15, 2023. |
Note: The above summary does not include details of consequential amendments made as the result of other projects.
Amendments under consideration
- None