Assurance standards effective in 2023 and beyond | Deloitte CFR

Assurance

The following standards have been issued or amended on or after January 1, 2023:

Title Description Effective Date
CAS 500, Audit Evidence This Cana­dian Au­dit­ing Stan­dard (CAS) explains what constitutes audit evidence in an audit of financial statements, and deals with the auditor's responsibility to design and perform audit procedures to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor's opinion. Effective for audits of financial statements for periods ending on or after December 14, 2010. The revised JPS is effective for communications between the auditor and the actuary initiated on or after March 31, 2023. Early application is permitted.
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
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.
IAASB - The International Standard on Auditing for Audits of Financial Statements of Less Complex Entities International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE is a standalone global auditing standard designed specifically for smaller and less complex businesses. It is the nature of the business that determines if this standard can be used i.e., how complex the business activities, organizational and ownership structures, finance function, technology, accounting & reporting are. It cannot be used for the audit of entities that are listed or have public interest characteristics. This standard is effective for audits of financial statements of LCEs for jurisdictions that adopt or permit its use for periods beginning on or after December 15, 2025
PCAOB AS 2310 – The Auditor’s Use of Confirmation, and Other Amendments to PCAOB Standard The Public Company Accounting Oversight Board (PCAOB) adopted a new standard to strengthen and modernize the requirements for the auditor’s use of confirmation – the process that involves verifying information about one or more financial statement assertions with a third party. The new standard reflects changes in technology, communications, and business practices since the interim standard was first adopted by the PCAOB in 2003 after being issued by the AICPA in 1991. The updated standard will better protect investors by strengthening procedures that enhance an auditor’s ability to identify fraud in certain circumstances and improving overall audit quality.

Correction list for hyphenation

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