International Standards on Auditing Not Adopted as Canadian Auditing Standards as at December 15, 2016

Auditors performing audits of financial statements in accordance with Canadian Auditing Standards (CASs) for periods ending on or after December 15, 2016 should not represent compliance with International Standards on Auditing (ISAs) unless they have also complied with these ISAs issued by the International Auditing and Assurance Standards Board.

The following ISAs, which are effective for audits of financial statements for periods ending on or after December 15, 2016, have not been adopted as CASs.

New Auditor’s Report

New and revised ISAs (and related conforming amendments) as a result of the project to enhance the communicative value of the auditor’s report:

  • ISA 260, Communication with Those Charged with Governance;
  • ISA 570, Going Concern;
  • ISA 700, Forming an Opinion and Reporting on Financial Statements;
  • ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report;
  • ISA 705, Modifications to the Opinion in the Independent Auditor’s Report;
  • ISA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report;
  • ISA 800, Special Considerations — Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks;
  • ISA 805, Special Considerations — Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement; and
  • ISA 810, Engagements to Report on Summary Financial Statements.

Other Information

Revisions to ISA 720, The Auditor’s Responsibilities Relating to Other Information (and related conforming amendments).

Disclosures

Changes to ISAs issued as a result of the Disclosures project:

  • ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing;
  • ISA 210, Agreeing the Terms of Audit Engagements;
  • ISA 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements;
  • ISA 260, Communication with Those Charged with Governance;
  • ISA 300, Planning an Audit of Financial Statements;
  • ISA 315, Identifying and Assessing the Risks of Material Misstatements through Understanding the Entity and Its Environment;
  • ISA 320, Materiality in Planning and Preforming an Audit;
  • ISA 330, The Auditor’s Responses to Assessed Risks;
  • ISA 450, Evaluation of Misstatements Identified during the Audit; and
  • ISA 700, Forming an Opinion and Reporting on Financial Statements.