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Assurance standards effective in 2018 and beyond | Deloitte CFR

Assurance

The following standards have been issued or amended on or after January 1, 2018:

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.
CAS 260, Communication with Those Charged with Governance CAS 260, "Communication with Those Charged with Governance", deals with the auditor's responsibility to communicate with those charged with governance in an audit of financial statements. Although CAS 260 applies irrespective of an entity's governance structure or size, particular considerations apply where all of those charged with governance are involved in managing an entity, and for listed entities. This CAS does not establish requirements regarding the auditor's communication with an entity's management or owners unless they are also charged with a governance role. The revised CAS 260 is effective for audits of financial statements for periods ending on or after December 15, 2018. Earlier application is permitted.
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 except for subsequent amendments. Amended paragraphs 18 and 26 are effective for audits of financial statements for periods ending on or after December 15, 2018. Earlier application is permitted.
CAS 330, The Auditor’s Responses to Assessed Risks CAS 330, "The Auditor’s Responses to Assessed Risks", deals with the auditor's responsibility to design and implement responses to the risks of material misstatement identified and assessed by the auditor in accordance with CAS 315 (Revised), "Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment", in an audit of financial statements. Effective for audits of financial statements for periods ending on or after December 14, 2010 except for subsequent amendments. Amended paragraphs 20, 24 and 30 are effective for audits of financial statements for periods ending on or after December 15, 2018. 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 570, Going Concern CAS 570, "Going Concern", deals with the auditor's responsibilities in the audit of financial statements relating to management's use of the going concern assumption in the preparation of the financial statements. The revised CAS 570 is effective for audits of financial statements for periods ending on or after December 15, 2018. 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. Effective for audits of financial statements for periods ending on or after December 14, 2010. The amendment is affective for audits of financial statements for periods ending on or after December 15, 2020. 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. Effective for audits of financial statements for periods ending on or after December 15, 2018. Earlier application is permitted.
CAS 705, Modifications to the Opinion in the Independent Auditor's Report CAS 705, "Modifications to the Opinion in the Independent Auditor's Report", deals with the auditor's responsibility to issue an appropriate report in circumstances when, in forming an opinion in accordance with CAS 700, the auditor concludes that a modification to the auditor's opinion on the financial statements is necessary. The revised CAS 705 is effective for audits of financial statements for periods ending on or after December 15, 2018. Earlier application is permitted.
CAS 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report CAS 706, "Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report", deals with additional communication in the auditor's report when the auditor considers it necessary to: (i) draw users' attention to a matter or matters presented or disclosed in the financial statements that are of such importance that they are fundamental to users' understanding of the financial statements; or (ii) draw users' attention to any matter or matters other than those presented or disclosed in the financial statements that are relevant to users' understanding of the audit, the auditor's responsibilities or the auditor's report. The revised CAS 706 is effective for audits of financial statements for periods ending on or after December 15, 2018. Earlier application is permitted.
CAS 720, The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements CAS 720, "The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements", deals with the auditor's responsibilities relating to other information in documents containing audited financial statements and the auditor's report thereon. In the absence of any separate requirement in the particular circumstances of the engagement, the auditor's opinion does not cover other information and the auditor has no specific responsibility for determining whether or not other information is properly stated. However, the auditor reads the other information because the credibility of the audited financial statements may be undermined by material inconsistencies between the audited financial statements and other information. In this CAS, "documents containing audited financial statements" refers to annual reports (or similar documents), that are issued to owners (or similar stakeholders), containing audited financial statements and the auditor's report thereon. This CAS may also be applied, adapted as necessary in the circumstances, to other documents containing audited financial statements, such as those used in securities offerings. The revised CAS 720 is effective for audits of financial statements for periods ending on or after December 15, 2018. Earlier application is permitted.
CAS 800, Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks CASs in the 100-700 series apply to an audit of financial statements. CAS 800, "Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks", deals with special considerations in the application of those CASs to an audit of financial statements prepared in accordance with a special purpose framework. The revised CAS 800 is effective for audits of financial statements for periods ending on or after December 15, 2018. Earlier application is permitted.
CAS 805, Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement CASs in the 100-700 series apply to an audit of financial statements and are to be adapted as necessary in the circumstances when applied to audits of other historical financial information. CAS 805, "Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement", deals with special considerations in the application of those CASs to an audit of a single financial statement or of a specific element, account or item of a financial statement. The single financial statement or the specific element, account or item of a financial statement may be prepared in accordance with a general or special purpose framework. If prepared in accordance with a special purpose framework, CAS 800, Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, also applies to the audit. The revised CAS 805 is effective for audits of financial statements for periods ending on or after December 15, 2018. Earlier application is permitted
CAS 810, Engagements to Report on Summary Financial Statements CAS 810, "Engagements to Report on Summary Financial Statements", deals with the auditor's responsibilities relating to an engagement to report on summary financial statements derived from financial statements audited in accordance with CASs by that same auditor. For this purpose, CAS 810 defines summary financial statements as “Historical financial information that is derived from financial statements but that contains less detail than the financial statements, while still providing a structured representation consistent with that provided by the financial statements of the entity's economic resources or obligations at a point in time or the changes therein for a period of time. Different jurisdictions may use different terminology to describe such historical financial information.” The revised CAS 810 is effective for audits of financial statements for periods ending on or after December 15, 2018. Earlier application is permitted.
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.
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.

Correction list for hyphenation

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