Canadian Auditing Standards

Overview

Active Projects

Auditing Accounting Estimates

Final Handbook material approved in Q4 2018

Final Handbook material expected to be issued in Q1 2019

Auditor Reporting

Final Handbook material issued in June 2017

Auditor Reporting – Key Audit Matter Reporting and Other Considerations  

Exposure Draft issued January 2019

Exposure Draft comment deadline is May 15, 2019.

Group Audits

The Exposure Draft is currently being developed

The IAASB approved project proposal in December 2016

Identifying and Assessing the Risks of Material Misstatement

Feedback considered and an AASB response letter developed on the IAASB Exposure Draft

CPA Canada Handbook

The CPA Canada Handbook – Assurance contains all the Canadian Auditing Standards (CASs), adopted from International Standards on Auditing (ISAs) set by the International Auditing and Assurance Standards Board and endorsed by the AASB. Its available in print and online. 

News


March 12, 2019 News
IAASB Consultation Paper – Extended External Reporting Assurance

The IAASB issued an interim Consultation Paper, including the first part of draft guidance for practitioners applying ISAE 3000 (Revised), Assurance Engagements Other than Audits of Reviews of Historical Financial Information to EER assurance engagements. This interim paper will assist the IAASB to develop guidance that they are working to publish in the second phase of this project. Stakeholders are encouraged to respond to the IAASB by July 21, 2019.

March 12, 2019 News
Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews

The IAASB issued three Exposure Drafts addressing quality management at the firm and engagement level, including engagement quality reviews, as well as an overall explanatory memorandum, FAQs and draft examples for proposed ISQM 1. Stakeholders are invited to comment by July 1, 2019. Visit the news page for full details.

March 12, 2019 News
IAASB Proposals – 2020-2023 Strategy and 2020-2021 Work Plan now out for comment

The IAASB released its Proposed Strategy for 2020-2023 and Work Plan for 2020-2021. The Work Plan highlights the IAASB’s commitment to completing significant projects currently underway, while balancing the needs of all stakeholders. Stakeholders are encouraged to respond to the IAASB by June 4, 2019.