Date

Development

Comments

June 2017

CAS 700 has been revised and reissued as a result of the issue of the new auditor reporting standards, including the issue of CAS 701, Communicating Key Audit Matters in the Independent Auditor's Report.

The revised CAS 700 is effective for audits of financial statements for periods ending on or after December 15, 2018.  Earlier application is permitted.

December 2018

Paragraph C30 of CAS 700 was revised to require communication of key audit matters per CAS 700 for audits of complete sets of general purpose financial statements of entities listed on the Toronto Stock Exchange, other than entities required to comply with National Instrument 81-106, Investment Fund Continuous Disclosure.

The amendment is affective for audits of financial statements for periods ending on or after December 15, 2020. Earlier application is permitted.

December 2018

The AASB unanimously approved amendments to the effective date of paragraph 46 of CAS 700, Forming an Opinion and Reporting on Financial Statements.

The requirement for the auditor to disclose the engagement partner name does not apply for auditor’s reports dated on or after December 15, 2018, for audits of financial statements of entities whose engagement partner name appears on Form AP, Auditor Reporting of Certain Audit Participants, to be filed with the U.S. Public Company Accounting Oversight Board (PCAOB) for that engagement. The amendments to CAS 700 will be included in a March 2019 Handbook update. This amend­ment to CAS 700 was in­cluded in a March 2019 Hand­book up­date, and the related Basis of Conclusions in an April 2019 Handbook update.

December 2019

Para­graph C30 of CAS 700 was re­vised to re­quire com­mu­ni­ca­tion of key au­dit mat­ters per CAS 700 for au­dits of com­plete sets of gen­eral pur­pose fi­nan­cial state­ments of all listed en­ti­ties, other than en­ti­ties re­quired to com­ply with Na­tional In­stru­ment 81-106, In­vest­ment Fund Con­tin­u­ous Dis­clo­sure. 

The amend­ment in respect of key audit matters  reporting by listed entities other than those listed on the TSX is ef­fec­tive for au­dits of fi­nan­cial state­ments for pe­ri­ods end­ing on or af­ter De­cem­ber 15, 2022. Ear­lier ap­pli­ca­tion is per­mit­ted.

December 2020

In March 2019, the effective date of paragraph 46 of CAS 700 was revised so that the requirement for the auditor to disclose the engagement partner name did not apply to audits of financial statements for periods ending before December 15, 2019, of entities whose engagement partner name appears on Form AP, Auditor Reporting of Certain Audit Participants, to be filed with the U.S. Public Company Accounting Oversight Board for that engagement.

This was a one-year deferral. As this deferral has ended, the effective date paragraph is no longer needed and has been removed on December 1, 2020.

CAS 700 includes new requirements in paragraphs 28(c)(ii) and 50(e)(ii). They require the auditor to state in the auditor’s report that the auditor is independent of the entity in accordance with the independence requirements applicable to the audits of financial statements of certain entities. These requirements only apply when the relevant ethical requirements require the auditor to publicly disclose when the auditor applied independence requirements specific to audits of financial statements of certain entities.

The new and revised requirements are effective for audits of financial statements for periods beginning on or after December 15, 2024.