Assurance standards effective in 2021 and beyond | Deloitte CFR

Assurance

The following standards have been issued or amended on or after January 1, 2021:

Title Description Effective Date
AuG-6, Examination of a Financial Forecast or Projection Included in a Prospectus or Other Public Offering Document AuG-6, "Examination of a Financial Forecast or Projection Included in a Prospectus or Other Public Offering Document", provides guidance for the public accountant who is asked to undertake an examination of a financial forecast or projection included in a prospectus or other public offering document filed with securities regulatory authorities. Effective on the first day of the month of its issue i.e., September 1, 1989. The changes are effective for engagements beginning on or after December 15, 2022.
CAS 220, Quality Control for an Audit of Financial Statements This Canadian Auditing Standard 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. Effective December 14, 2010. The changes are effective on July 15, 2020. 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.
CAS 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment CAS 315 deals with the auditor's responsibility to identify and assess the risks of material misstatement in the financial statements, through understanding the entity and its environment, including the entity's internal control. Effective for audits of financial statements for periods ending on or after December 15, 2013. The revisions to CSA 315 are effective for audits of financial statements for periods beginning on or after December 15, 2021. Earlier application is permitted.
CAS 700, Forming an Opinion and Reporting on Financial Statements CAS 700, "Forming an Opinion and Reporting on Financial Statements", deals with the auditor's responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor's report issued as a result of an audit of financial statements. It is written in the context of a complete set of general purpose financial statements and promotes consistency in the auditor's report. Consistency in the auditor's report, when the audit has been conducted in accordance with CASs, promotes credibility in the global marketplace by making more readily identifiable those audits that have been conducted in accordance with globally recognized standards. It also helps to promote the user's understanding and to identify unusual circumstances when they occur. 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.
CAS 701, Communicating Key Audit Matters in the Independent Auditor's Report CAS 701 deals with the auditor's responsibility to communicate key audit matters in the auditor's report. It is intended to address both the auditor's judgment as to what to communicate in the auditor's report and the form and content of such communication. 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.
CSAE 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information CSAE 3000 deals with attestation engagement in which the practitioner evaluates the underlying subject matter against applicable criteria and aims to obtain sufficient appropriate evidence to express, in a written direct assurance report, a conclusion to intended users other than the responsible party, about the outcome of that evaluation. Effective June 30, 2017. The changes are effective on July 15, 2020. The changes are effective for periods beginning on or after December 15, 2022.
CSAE 3001, Direct Engagements CSAE 3001 sets out the requirements related to planning, performing and reporting on direct engagements. Effective for direct engagements where the assurance report is dated on or after June 30, 2017. The changes are effective for periods beginning on or after December 15, 2022.
CSAE 3410, Assurance Engagements on Greenhouse Gas Statements Given the link between greenhouse gas (GHG) emissions and climate change, many entities are quantifying their GHG emissions for internal management purposes, and many are also preparing a GHG statement Effective for assurance reports covering periods ending on or after September 30, 2013, except for subsequent amendments. The amendments are effective for periods beginning on or after December 15, 2022.
CSAE 3416, Reporting on Controls at a Service Organization This Canadian Standard on Assurance Engagements (CSAE) addresses audit engagements undertaken by a service auditor to report on controls at organizations that provide services to user entities when those controls are likely to be relevant to user entities' internal control over financial reporting. It complements CAS 402, Audit Considerations relating to an Entity using a Service Organization, in that reports prepared in accordance with this CSAE may provide appropriate evidence under CAS 402. Ef­fec­tive for service auditors' reports for periods ending on or after December 15, 2011 with earlier implementation permitted, except for subsequent amendments. Amend­ments to paragraphs 7A, 44, 52 and 53 as a result of the issue of CSAE 3000 are effective for attestation engagements where the assurance report is dated on or after June 30, 2017. The changes are effective for periods beginning on or after December 15, 2022.
CSAE 3530, Attestation Engagements to Report on Compliance CSAE 3530 deals with attestation engagements to report on management's explicit written statement of an entity's compliance with specified requirements. Effective for attestation engagements to report on management's statement of an entity's compliance when the practitioner's report is dated on or after April 1, 2019. The changes are effective for periods beginning on or after December 15, 2022.
CSAE 3531, Direct Engagements to Report on Compliance CSAE 3531 deals with direct engagements to report on an entity's compliance with specified requirements Effective for direct engagements to report on an entity's compliance when the practitioner's report is dated on or after April 1, 2019. The changes are effective for periods beginning on or after December 15, 2022.
CSOA 5000, Use of the Practitioner’s Communication or Name (formerly titled Association) This Canadian Standard on Association (CSOA) deals with the practitioner’s professional responsibilities when the practitioner has performed a service for the entity that is within the scope of the Handbook, and the practitioner: (a) Is requested by the entity to consent orally or in writing to the use of the practitioner’s communication or name in connection with accompanying information; (b) Is requested by the entity to consent orally or in writing to, or otherwise CSOA 5000 is effective for a practitioner’s consent provided on or after June 1, 2017. The change is effective for a practitioner's consent in connection with an audit, review or other assurance engagement provided on or after December 15, 2022, and a practitioner's consent in connection with a related services engagement provided on or after December 15, 2023
CSQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements This Canadian Standard on Quality Control (CSQC) deals with a firm's responsibilities for its system of quality control for audits and reviews of financial statements, and other assurance engagements. This CSQC is to be read in conjunction with relevant ethical requirements. Systems of quality control in compliance with this CSQC are required to be established by December 15, 2009. CSQC 1 is effective from that date, except for subsequent amendments. The revised requirements are effective for assurance engagements the subject matter of which covers periods ending on or after December 14, 2010. CSQM 1 and CSQM 2 are effective for audits and reviews of financial statements for periods beginning on or after December 15, 2022 and for related services engagements beginning on or after on December 15, 2023.
CSQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements CSQM 1 replaces Canadian Standard on Quality Control (CSQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements Effective for audits and reviews of financial statements for periods beginning on or after December 15, 2022 and for related services engagements beginning on or after on December 15, 2023.
CSQM 2, Engagement Quality Reviews CSQM 2 replaces material previously addressed in Canadian Standard on Quality Control (CSQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements Effective for audits and reviews of financial statements for periods beginning on or after December 15, 2022 and for related services engagements beginning on or after on December 15, 2023.
CSRE 2400, Engagements to Review Historical Financial Statements This standard replaces the following existing review engagement standards for financial statements and other historical financial information: Section 8200, Public Accountant’s Review of Financial Statements, Section 8500, Reviews of Financial Information other than Financial Statements, AuG-20, Performance of a Review of Financial Statements in Accordance with Sections 8100 and 8200, and AuG-47, Dating the Review Engagement Report on Financial Statements. Effective December 14, 2017. The changes are effective on July 15, 2020. The changes are effective for periods beginning on or after December 15, 2022.
CSRS 4200, Compilation Engagements CSRS 4200, Compilation Engagements, sets out the requirements for: engagement acceptance and continuance; performing the engagement; facts that become known after the compiled financial information has been issued; the compilation engagement report; and documentation. CSRS 4200 is effective for compiled financial information for periods ending on or after December 14, 2021. The change is effective for periods beginning on or after December 15, 2023.
CSRS 4400, Agreed-upon Procedures Engagements Canadian Standard on Related Services (CSRS) 4400, Agreed-upon Procedures Engagements, sets out requirements relating to: (i) engagement acceptance and continuance; (ii) agreeing the terms of the engagement; (iii) performing the agreed-upon procedures; (iv) using the work of a practitioner's expert; (v) the agreed-upon procedures report; (vi) undertaking an agreed-upon procedures engagement together with another engagement; and (vii) documentation. Effective for agreed-upon procedures engagements for which the terms of engagement are agreed on or after January 1, 2022. The changes are effective for engagements beginning on or after December 15, 2023.
CSRS 4460, Reports on Supplementary Matters Arising from an Audit or Review Engagement CSRS 4460 sets out the requirements related to the acceptance of the engagement, including circumstances when acceptance is prohibited, the performance of the engagement and the report, including its content. Effective for reports dated on or after April 1, 2016. The change is effective for engagements beginning on or after December 15, 2022
Section 5925, An Audit of Internal Control over Financial Reporting that is Integrated with an Audit of Financial Statements This Section establishes standards and provides guidance regarding the auditor's professional responsibilities when engaged to perform an audit of the effectiveness of internal control over financial reporting ("the audit of internal control over financial reporting") that is integrated with an audit of the financial statements. Effective for audits of internal control over financial reporting that are integrated with audits of financial statements for periods beginning on or after January 1, 2008 except for subsequent amendment. The change is effective for periods beginning on or after December 15, 2022

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