Canadian Auditing Standards

Communication of Key Audit Matters in the Auditor’s Report


The Auditing and Assurance Standards Board (AASB) proposes, subject to comments received on exposure, to revise Canadian Auditing Standard (CAS) 700, Forming an Opinion and Reporting on Financial Statements, relating to the communication of key audit matters (KAM) in the auditor’s report, and make related conforming amendments.

Staff Contact(s)

Eric Turner, CPA, CA

Director, Auditing and Assurance Standards Board


The AASB proposes to expand the requirements for auditors to communicate KAM for audits of complete sets of general purpose financial statements so that they apply to:

  • all entities listed on the TSX, TSXV, NEO and CSE; and
  • all entities required to comply with NI 81-106.

The AASB also proposes a staged implementation of these reporting requirements