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Assurance standards effective in 2019 and beyond | Deloitte CFR

Assurance

The following standards have been issued or amended on or after January 1, 2019:

Title Description Effective Date
AuG-49, Reporting on Compliance with Specified Authorities for Transactions coming to the Notice of the Auditor during the Audit of Financial Statements This Guideline provides guidance to auditors of public sector entities on the form of the auditor's report when expressing an audit opinion on whether the transactions that have come to the auditor's notice during the audit of financial statements complied with specified authorities. Effective for reports dated on or after April 1, 2019, with earlier adoption permitted.
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.
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 540, Auditing Accounting Estimates, including Fair Value Accounting Estimates, and Related Disclosures CAS 540, "Auditing Accounting Estimates, including Fair Value Accounting Estimates, and Related Disclosures", deals with the auditor's responsibilities relating to accounting estimates, including fair value accounting estimates, and related disclosures in an audit of financial statements. Specifically, it expands on how CAS 315, "Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment", and CAS 330, "The Auditor's Responses to Assessed Risks", and other relevant CASs are to be applied in relation to accounting estimates. It also includes requirements and guidance on misstatements of individual accounting estimates, and indicators of possible management bias. The Standard is effective for audits of financial statements for periods ending on or after December 14, 2010. The amendments are effective for audits of financial statements for periods beginning on or after December 15, 2019. 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.
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.
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.
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 7170, Auditor's Consent to the Use of the Auditor's Report in Connection with a Designated Document Section 7170 sets out the requirements relating to the auditor's responsibilities in responding to requests to consent to the use of the auditor's report on the audited financial statements of the acquired business that are to be included in a business acquisition report issued by the acquirer, the format and content of the auditor's consent. Effective for an auditor’s consent to the use of an auditor’s report in a business acquisition report issued on or after June 1, 2017. The amendments to Section 7170 are effective for an auditor’s consent issued on or after June 1, 2019.
Section 7500, Auditor's Consent to the Use of the Auditor's Report in Connection with Designated Documents [Superseded] Section 7500 deals with the auditor's responsibilities, after the completion of the audit of the entity's financial statements, when the auditor agrees to consent to the use of the auditor's report in connection with a designated document. Section 7500 withdrawn when Section 7170 was issued. Section 7170 is effective for an auditor's consent issued on or after June 1, 2019.
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 5300, Auditing for Compliance with Legislative and Related Authorities in the Public Sector [Superceded] This Section makes Recommendations and provides guidance for auditors who, depending upon their audit mandates, are engaged or required to: (a) express an opinion on whether an entity complied with specified authorities or whether its transactions were carried out in compliance with specified authorities; (b) express an opinion on whether the transactions that have come to their notice in the course of discharging their other audit responsibilities were carried out in compliance with specified authorities; and (c) report instances of non-compliance with authorities observed in the course of discharging their audit responsibilities. Section PS 5300 withdrawn on issue of AuG-49, which is effective for reports dated on or after April 1, 2019, with early adoption permitted.

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.