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Assurance standards effective in 2020 and beyond | Deloitte CFR

Assurance

The following standards have been issued or amended on or after January 1, 2020:

Title Description Effective Date
AuG-50, Conducting a Performance Audit in the Public Sector in Accordance with CSAE 3001 AuG-50, Conducting a Performance Audit in the Public Sector in Accordance with CSAE 3001, provides guidance on planning, conducting and reporting on a performance audit in the public sector in accordance with Canadian Standard on Assurance Engagements (CSAE) 3001, Direct Engagements Effective August 1, 2020
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.
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
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.
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
Section 9100, Reports on the Results of Applying Specified Auditing Procedures to Financial Information Other than Financial Statements [Superseded] Section 9100 provides guidance to a public accountant engaged to report on the results of applying specified auditing procedures to financial information other than financial statements when such procedures are not intended to enable the accountant to express an audit opinion or provide negative assurance on the financial information. Section 9100 is withdrawn. CSRS 4400 is effective for agreed-upon procedures engagements for which the terms of engagement are agreed on or after January 1, 2022.
Section 9110, Agreed-upon Procedures regarding Internal Control over Financial Reporting [Superseded] Section 9110 establishes standards and provides guidance on the public accountant's professional responsibilities in conducting an agreed-upon procedures engagement regarding internal control over financial reporting and on the form and content of the report that the public accountant issues in connection with such an engagement. Section 9110 is withdrawn. CSRS 4400 is effective for agreed-upon procedures engagements for which the terms of engagement are agreed on or after January 1, 2022.
Section 9200, Compilation Engagements [Superseded] Section 9200 deals with services provided by public accountants for those who require assistance in compiling financial statements from information they have, but who do not require that the public accountant provide any assurance regarding such statements. CSRS 4200 will be effective for compiled financial information for periods ending on or after December 14, 2021.
Section PS 5000, Introduction to Assurance Recommendations that Apply only to the Public Sector [Superseded] This Section describes some of the special circumstances that may apply to the audits of public sector entities undertaken by legislative and other external auditors. This section withdrawn on issue of AuG-50, which is effective from its date of issue on August 1, 2020
Section PS 5400, Value-for-money Auditing in the Public Sector [Superseded] 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. Effective for value-for-money reports dated on or after April 1, 1999 except for subsequent amendments
Section PS 6410, Planning Value-for-money Audits in the Public Sector [Superceded] This Section discusses planning considerations related to the following elements of audit planning: (i) the audit mandate, (ii) knowledge of the entity, (iii) audit objectives and scope, (iv) criteria, (v) audit evidence and (vi) the audit plan. This section withdrawn on issue of AuG-50, which is effective from its date of issue on August 1, 2020
Section PS 6420, Knowledge of the Audit Entity in Planning Value-for-money Audits in the Public Sector [Superceded] This Section provides further guidance on obtaining the knowledge of the audit entity and its environment necessary to plan a value-for-money audit, but is not intended to serve as a checklist or program for obtaining knowledge of the audit entity. This section withdrawn on issue of AuG-50, which is effective from its date of issue on August 1, 2020

Correction list for hyphenation

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