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.

Where applicable, implementation and other resources published by the Auditing and Assurance Standards Board (AASB) or the International Auditing and Assurance Standards Board (IAASB) are included to provide additional guidance related to the new or revised standard.

About Final Effective Dates

Final pronouncements are standards that are board-approved. This summary 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.

Where applicable, implementation and other resources published by the AASB or IAASB are included to provide additional guidance related to the new or revised standard.

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Final Pronouncement

Application

December 15, 2026:

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

Audits of financial statements for periods beginning on or after December 15, 2026.

Implementation Resources:

IAASB

CAS 570, Going Concern

Audits of financial statements for periods beginning on or after December 15, 2026.

Implementation Resources:

AASB

Attention Management and Auditors: Revised CAS 570, Going Concern Brings Changes to the Auditor’s Expectation for Management’s Going Concern Assessment Timeline

IAASB

CAS 620, Using the Work of an Auditor’s Expert — narrow-scope amendments

Paragraphs 8(f) and 10 are effective for audits of financial statements for periods beginning on or after December 15, 2026.

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:

CAS 600, Special Considerations – Audits of Group Financial Statements (including the work of Component Auditors)

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

Implementation Resources:

IAASB

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 Statements, 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.

Implementation Resources:

IAASB

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.

Implementation Resources:

IAASB

ISQM 2: First-time Implementation Guide

CAS 220, Quality Management for an Audit of Financial Statements

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

Implementation Resources:

IAASB

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.

CPA Canada Handbook

The CPA Canada Handbook – Assurance contains all the Canadian Auditing Standards (CASs) set by the Auditing and Assurance Standards Board and adopted from the International Standards on Auditing (ISAs).

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