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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 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.
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 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. 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.
Section 5020, Association Association is a term generally used within the profession to indicate a public accountant's involvement with an enterprise or with information issued by that enterprise. Association can arise in three ways: (i) when a public accountant associates himself or herself by some action on his or her part with information issued by an enterprise; (ii) when an enterprise or some other party has indicated (either in writing or orally) without the public accountant's knowledge or consent that the public accountant was involved with information issued by an enterprise; (iii) when a third party assumes that a public accountant is involved with information issued by an enterprise. A public accountant has no control over third party assumptions about his or her involvement with information or how others represent his or her involvement with information. A public accountant can, however, control how he or she associates himself or herself with information. The purpose of Section 5020 is to describe how a public accountant associates himself or herself with information, the professional responsibilities that stem from such association and the procedures that a public accountant can take to limit the inappropriate use of his or her name. The phrase "use of his or her name" includes a reference to the public accountant by virtue of role (auditor, reviewer, etc.) as well as to the use of the public accountant's name. Applies to documents issued on or after December 14, 2010.
Section 5800, Special Reports — Introduction [Superseded] Section 5800 and Section 5815, "Auditor’s Reports on Compliance with Agreements, Statutes and Regulations", do not deal with reports on financial statements. They are applicable when expressing an audit opinion on compliance with agreements, statutes and regulations. Applies to reports issued on or after August 1, 1979
Section 5815, Auditor’s Reports on Compliance with Agreements, Statutes and Regulations [Superseded] Section 5815 provides guidance to an auditor engaged to provide an audit opinion as to a client's compliance with criteria established by provisions of agreements, statutes or regulations. Applies to reports issued on or after January 1, 1992, except for subsequent amendments.
Section 5925, An Audit of Internal Control over Financial Reporting that is Integrated with an Audit of Financial Statements This Section establishes standards and provides guidance regarding the auditor's professional responsibilities when engaged to perform an audit of the effectiveness of internal control over financial reporting ("the audit of internal control over financial reporting") that is integrated with an audit of the financial statements. Effective for audits of internal control over financial reporting that are integrated with audits of financial statements for periods beginning on or after January 1, 2008 except for subsequent amendment
Section 7060, Auditor Review of Interim Financial Statements Section 7060 sets out requirements related to the terms of engagement, the consideration of materiality, the auditor's inquiries and responses to matters identified, the expression of a conclusion on the interim financial statements and the documentation. Effective for reviews of interim financial statements for interim periods of fiscal years beginning on or after December 15, 2014.

Correction list for hyphenation

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