Canadian Auditing Standards

Effective Dates – Canadian Auditing Standards

About Proposed Effective Dates

Draft pronouncements are subject to change. As part of the consultation process, the public is encouraged to review and provide feedback on proposed effective dates and other aspects of proposed new or revised standards.

Draft Pronouncement

Application

December 15, 2026:

Proposed Canadian Auditing Standard (CAS) 570 – Going Concern

The IAASB expects to approve the final ISA 570 (Revised 202X) in December 2024.

The IAASB proposes that ISA 570 (Revised 202X) be effective for financial reporting periods beginning at least 18 months after the approval of the final ISA. The revised CAS is expected to have the same effective date.

Proposed CAS 240 – The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements

The IAASB expects to approve the final ISA 240 (Revised) in March 2024.

The IAASB proposes that ISA 240 (Revised) be effective for financial reporting periods beginning at least 18 months after the approval of the final ISA. The revised CAS is expected to have the same effective date.

About Final Effective Dates

Final pronouncements are standards that are board approved. This section may not include consequential amendments resulting from the issuance of new standards or minor updates to existing standards. For comprehensive details, please refer to the CPA Canada Handbook – Assurance on Knotia.ca.

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Final Pronouncement

Application

December 15, 2024:

CAS 260, Communication with Those Charged with Governance

Paragraph 17 is effective for audits of financial statements for periods beginning on or after December 15, 2024.

CAS 700, Forming an Opinion and Reporting on Financial Statements

Paragraphs 28(c)(ii) and 50(e)(ii) are effective for audits of financial statements for periods beginning on or after December 15, 2024.

December 15, 2023:

CSQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statement, or Other Assurance or Related Services Engagements

Systems of quality management in compliance with CSQM 1 for related services engagements are required to be designed and implemented by December 15, 2023, and the evaluation of the system of quality management is required to be performed within one year following December 15, 2023.

CSQM 2, Engagement Quality Reviews

Effective for related services engagements beginning on or after December 15, 2023.

CAS 600, Group Audits

Audits of financial statements for periods beginning on or after December 15, 2023.

March 31, 2023:

CAS 500, Audit Evidence and Appendix: Joint Policy Statement Concerning Communications between Actuaries Involved in the Preparation of Financial Statements and Auditors

Communications between the auditor and the actuary initiated on or after March 31, 2023.

December 15, 2022:

CSQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statement, or Other Assurance or Related Services Engagements

Systems of quality management in compliance with CSQM 1 for audits or reviews of financial statements or other assurance engagements are required to be designed and implemented by December 15, 2022, and the evaluation of the system of quality management is required to be performed within one year following December 15, 2022.

CSQM 2, Engagement Quality Reviews

Effective for audits and reviews of financial statements for periods beginning on or after December 15, 2022, and other assurance engagements beginning on or after December 15, 2022.

CAS 220, Quality Management for an Audit of Financial Statements

Audits of financial statements for periods beginning on or after December 15, 2022.

CAS 700, Forming an Opinion and Reporting on Financial Statements, paragraphs C30 and C40C(c)

Audits of complete sets of general purpose financial statements of other listed entities, excluding listed entities required to comply with National Instrument 81-106, Investment Fund Continuous Disclosure, for periods ending on or after December 15, 2022.