Assurance | Deloitte CFR
You can find more about assurance standards that are of interest to financial statement users by selecting the standard you are interested in from the following table or from the left navigation. The following is a list of selected standards that would be of interest to preparers and users of financial statements.
| Title | Description | Effective Date |
|---|---|---|
| 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 320, Materiality in Planning and Performing an Audit | This Canadian Auditing Standard (CAS) deals with the auditor's responsibility to apply the concept of materiality in planning and performing an audit of financial statements. CAS 450 Evaluation of Misstatements Identified during the Audit, explains how materiality is applied in evaluating the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial statements. | Effective for audits of financial statements for periods ending on or after December 14, 2010. |
| 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 402, Audit Considerations Relating to an Entity using a Service Organization | This Canadian Auditing Standard (CAS) deals with the user auditor's responsibility to obtain sufficient appropriate audit evidence when a user entity uses the services of one or more service organizations. Specifically, it expands on how the user auditor applies 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, in obtaining an understanding of the user entity, including internal control relevant to the audit, sufficient to identify and assess the risks of material misstatement and in designing and performing further audit procedures responsive to those risks. | Effective for audits of financial statements for periods ending on or after December 14, 2010. |
| CAS 450, Evaluation of Misstatements Identified during the Audit | This Canadian Auditing Standard (CAS) deals with the auditor's responsibility to evaluate the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial statements. | Effective for audits of financial statements for periods ending on or after December 14, 2010. |
| 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. |
| CAS 501 - Appendix - Joint Policy Statement Concerning Communications with Law Firms Regarding Claims and Possible Claims in Connection with the Preparation and Audit of Financial Statements | CAS 501 deals with specific considerations by the auditor in obtaining sufficient appropriate audit evidence, including with respect to litigation and claims involving the entity. | Effective for audits of financial statements for periods ending on or after December 14, 2010, except for subsequent amendments. The new Joint Policy Statement is effective for inquiry letters dated on or after December 1, 2016. |
| 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 550, Related Parties | This Canadian Auditing Standard (CAS) deals with the auditor's responsibilities relating to related party relationships and transactions in an audit of financial statements. | Effective for audits of financial statements for periods ending on or after December 14, 2010. |
| CAS 560, Subsequent Events | CAS 560 deals with the auditor's responsibilities relating to subsequent events in an audit of financial statements. | Effective for audits of financial statements for periods ending on or after December 14, 2010. |
| 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 600, Special Considerations — Audits of Group Financial Statements (including the Work of Component Auditors) | The Canadian Auditing Standards (CASs) apply to group audits. CAS 600, "Special Considerations — Audits of Group Financial Statements (including the Work of Component Auditors)" deals with the special considerations that apply to group audits, in particular those that involve component auditors. An auditor may also find CAS 600, adapted as necessary in the circumstances, useful when that auditor involves other auditors in the audit of financial statements that are not group financial statements. For example, an auditor may involve another auditor to observe the inventory count or inspect physical fixed assets at a remote location. | Effective for audits of financial statements for periods ending on or after December 14, 2010 |
| CAS 610, Using the Work of Internal Auditors | CAS 610, "Using the Work of Internal Auditors", deals with the external auditor's responsibilities if using the work of internal auditors. This includes: using the work of the internal audit function in obtaining audit evidence; and using internal auditors to provide direct assistance under the direction, supervision and review of the external auditor. | Effective for audits of financial statements for periods ending on or after December 15, 2014. See Completed Project. |
| 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. |
| 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 |