Section PS 5400, Value-for-money Auditing in the Public Sector [Superseded]

Ef­fec­tive date:

Effective for value-for-money reports dated on or after April 1, 1999 except for subsequent amendments

Overview

This Section recommends standards for auditors engaged in value-for-money auditing that relate to the professional qualities of the auditor, the conduct of his or her audit and the content of his or her audit report.

These standards are intended to apply to audits carried out for the purpose of examining and reporting on matters related to any or all of the following: (a) the adequacy of management systems, controls and practices, including those intended to control and safeguard assets, to ensure due regard to economy, efficiency and effectiveness. (b) the extent to which resources have been managed with due regard to economy and efficiency. (c) the extent to which programs, operations or activities of an entity have been effective.

The terms of the auditor's mandate, whether embodied in legislation or established by contract, specify the audit and reporting requirements. The auditor may be asked to examine all or only some of the matters set out above. For example, regarding effectiveness, some legislated mandates require the auditor to examine, assess and report on the existence and adequacy of procedures to measure and report on the effectiveness of programs but do not ask the auditor to report on the extent to which the programs, operations or activities are themselves effective.

The reporting requirements of value-for-money auditing mandates also vary. Many value-for-money auditing mandates, such as those relating to federal and provincial government departments and agencies, require the auditor to report deficiencies observed, while, other auditing mandates require the auditor to express an opinion, such as whether there is reasonable assurance, based on specified criteria, that there are no significant deficiencies in the systems and practices examined.

His­tory of Section PS 5400

Date

De­vel­op­ment

Com­ments

July 2015

Paragraph 9A added and paragraphs 9, 11 and 12 amended to include additional reporting requirements as a result of the issuance of CSAE 3001, Direct Engagements.

The amendments are effective for value-for-money reports dated on or after June 30, 2017.

August 2020  

Withdrawn on August 1, 2020 as result of the issue of AuG-50, Conducting a Performance Audit in the Public Sector in Accordance with CSAE 3001. See Completed Project.

AuG-50 is effective from its date of issue on August 1, 2020.

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

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