Section 7150, Auditor’s Consent to the Use of a Report of the Auditor Included in an Offering Document

Ef­fec­tive date:

Effective for an auditor’s consent to the use of a report of the auditor in an offering document issued on or after April 1, 2013, except for subsequent amendments

Overview

Section 7150, Auditor's Consent to the Use of a Report of the Auditor Included in an Offering Document, deals with an auditor's responsibilities in responding to requests to consent to the use of a report of the auditor included in an offering document. Consenting to the use of a report(s) of the auditor in an offering document is a matter of contract between the auditor and the entity. Accordingly, the auditor is never obliged to consent to the inclusion of a report of the auditor in an offering document.

Section 7150 replaces several other assurance standards (see History of Section below) and includes: setting out the auditor's responsibilities when an intervening period event is identified in circumstances when the audited financial statements were prepared in accordance with a financial reporting framework that does not allow dual dating; requiring only one consent letter to be provided by auditors in connection with certain offering documents filed with a Canadian securities regulator; and setting out new wording for the auditor's consent.

His­tory of Sec­tion 7150

Date

De­vel­op­ment

Com­ments

January 2013

Issued to replace: (i) Section 7110, Auditor Involvement with Offering Documents of Public and Private Entities; (ii) Section 7115, Auditor Involvement with Offering Documents of Public and Private Entities – Current Legislative and Regulatory Requirements; and (iii) Assurance and Related Services Guideline AuG-30, The Auditor’s Consent and Comfort in Connection with Securities Offering Documents.

Effective for an auditor’s consent to the use of a report of the auditor in an offering document issued on or after April 1, 2013.  See Completed Project.

November 2015

Limited amendments
Paragraph 21A, paragraph A25A and an illustration of an auditor's consent addressed to stock exchanges in Appendix 5 have been added to address requirements of certain stock exchanges regulated by a securities regulatory body in Canada for the auditor's consent to include statements that were not previously contemplated.
A number of amendments to paragraph A24, the title of the example auditor's consent in Appendix 3 and the example advice letter in Appendix 6 have been made to improve the clarity of the standard.
The requirement in paragraph 21A is effective for an auditor's consent to the use of a report of the auditor in an offering document issued on or after January 1, 2016.

May 2022

Relates to conforming amendments to Other Canadian Standards resulting from the approval of CSQM 1. A new requirement in paragraph 8 was introduced. See Com­pleted Pro­ject.
The change is effective for an auditor's consent to the use of a report of the auditor in an offering document for periods beginning on or after December 15, 2022.

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

Amendments under consideration

  • None  

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.