Assurance and Related Services

Updated: December 11, 2024

Assurance and Related Resources

This brief helps group auditors interact and communicate effectively with those involved in audits of group financial statements, including group management, those charged with governance of the group, component auditors and, where applicable, component management.

Reporting consistency is crucial to the success of your practice. Get guidance on commonly occurring reporting circumstances with this publication.

Make sense of the complexities relating to Canadian Standard on Review Engagements (CSRE) 2400, with this guide meant promote consistency in the form and content of practitioners’ reports by providing guidance with respect to commonly occurring circumstances. From a broad overview of financial frameworks to gathering historical financial data outside of statements, you’ll be well equipped to face a variety of reporting challenges.

Our reporting guide is the ultimate resource for maintaining consistency in your reports and understanding Canadian Auditing Standards.

This project will replace Assurance and Related Services Guideline (AuG) 16, Compilation of a Financial Forecast or Projection, with a new Canadian Standard on Related Services (CSRS).

The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements.

CAS 402 - Service Organizations

Learn more about the common questions auditors have when applying CAS 402, Audit Considerations Relating to an Entity Using a Service Organization.

https://www.cpacanada.ca/business-and-accounting-resources/audit-and-assurance/canadian-auditing-standards-cas/publications/cas-402-faq?utm_medium=Email

Reporting Implications of Canadian Auditing Standards.

Take advantage of our reporting guide, which aims to promote consistency in the form and content of practitioners' reports by providing guidance with respect to commonly occurring reporting circumstances.

https://www.cpacanada.ca/business-and-accounting-resources/audit-and-assurance/canadian-auditing-standards-cas/publications/reporting-implications-of-Canadian-Auditing-Standards?utm_medium=Email

Amendments to IAS 1 and the Impact on the CASs: Disclosure of Material Accounting Policy Information

A new joint policy statement between auditors and actuaries is effective for communications initiated on or after March 31, 2023. Read this alert to learn more about the changes.

Join members of the Auditing and Assurance Standards Board’s Audit Evidence Advisory Group, who will discuss the major changes being proposed to CAS 500, Audit Evidence.

As more clients adopt cloud computing, it’s creating opportunities and challenges for financial statement audits.
As more clients begin transitioning from traditional, physical data servers to virtual ones, cloud computing is changing how entities conduct their business. Audit practices are rapidly evolving alongside the explosion in this technology—especially as it relates to data.

Read this FAQ to learn about considerations when auditing crypto-asset mining revenue and check out the illustrative examples included in the appendix.

As the crypto-asset market continues to expand, it has highlighted challenges for auditors in obtaining assurance over this complex asset class. This FAQ aims to answer some key questions specific to auditing revenue at a crypto-asset mining entity. This non-authoritative guidance can be applied to companies running their own mining operations, or to miners participating in a pool.
In this FAQ, you will learn:

In 2022, an independent research study was undertaken on key audit matter (KAM) reporting. The study, Communicating Key Audit Matters: A Post Implementation Review, can be found on The Atrium, University of Guelph, Department of Management; and York Space, York University, School of Administrative Studies. The study’s purpose was to better understand the Canadian KAM reporting experience of Toronto Stock Exchange (TSX)-listed entities and communicate relevant insights to auditors and other stakeholders to assist in future KAM communications.

Learn about the components of a system of quality management, what this means for your firm and steps to take to implement the new Canadian Standards on Quality Management.

This Audit and Assurance Alert is being issued to raise awareness about the unanimously approved suite of quality management standards including CSQM 1 replacing CSQC 1.

In January 2021, the Auditing and Assurance Standards Board (AASB) unanimously approved the suite of quality management standards, including Canadian Standard for Quality Management 1 (CSQM 1). CSQM 1 replaces Canadian Standard on Quality Control 1 (CSQC 1).

Auditing Accounting Estimates

For entities of all types and sizes, management has to make accounting estimates, which have estimation uncertainty and may also be complex. Making these estimates involves selecting and applying a method using assumptions and data, which requires judgment. The nature, timing and extent of the audit procedures will vary in relation to the estimation uncertainty and the assessment of the related risks of material misstatement.

Practitioner’s pulse (April 2022): CAS 315 – Preparing for the new risk identification and assessment standard

Join us for this webinar to hear a representative from the Auditing and Assurance Standards Board (AASB) and practitioners from BDO share key revisions and enhancements to revised CAS 315, as well as tips for implementation.


Assessing Management Review Controls

Issues Related to the Assessment of the Effectiveness of Management Review Controls: Roundtable Summary explores areas that create challenges in implementing effective design, precision and operation of management review controls, and in assessing their effectiveness. The report includes highlights of a recent roundtable held to identify and share leading practices for practitioners and auditors on how to address these often-highly subjective controls.

Auditor and Audit Committee Considerations Relating to Special Purposes Acquisition Company (SPAC) Initial Public Offerings and Mergers

This article explores audit issues arising from newly popular SPACs, which are a form of shell company used to raise funds for acquisitions of existing operating companies.

CSA Publishes Disclosure Rules for Non-GAAP and Other Financial Measures

The Canadian Securities Administrators published final disclosure requirements for issuers who voluntarily disclose non-GAAP and other financial measures. Also in May, the CSA proposed changes to the continuous disclosure requirements for non-investment fund reporting issuers.

CSRS 4400, Agreed-upon procedures engagements: Frequently asked questions (FAQs)

Looking for answers to common questions about implementing CSRS 4400, Agreed-upon Procedures Engagements? This FAQ document provides you with a series of questions identified during exposure of the proposed CSRS 4400 Agreed-upon Procedures Engagements, where outreach activities identified potential implementation risks and areas that may need further clarification.

Future of Audit: Communicating Key Audit Matters

The Auditing and Assurance Standards Board published three publications setting out guidance on Canada’s audit requirements for communicating key audit matters in auditors’ reports: Lessons Learned from Firms Implementing KAM Communications on Audits of TSX-Listed Entities: Identifying and Communicating KAMs in the Auditor’s Report; Roadmap to Developing a Successful KAM-Implementation Process and Frequently Asked Questions.

Independent Committee to Review Standard Setting in Canada

The Independent Review Committee on Standard Setting in Canada (the Committee) is currently conducting a review the governance and structure for establishing Canadian accounting, auditing, and assurance standards, as well what might be needed for the future – including sustainability standards.

New Alerts Focus on Implementation of Quality Management Standards

CPA Canada has released two new alerts to provide additional guidance on the new suite of quality management standards. The Audit and Assurance Alert explains the timeline of events for these new standards and links to the International Auditing and Assurance Standards Board’s fact sheets.

Revisions to the Non-Assurance Service Provisions of the Code

The International Ethics Standards Board for Accountants released revisions to its international ethics code that “significantly strengthen the guardrails around auditor independence” in two areas that have the potential to create incentives influencing auditor behavior: non-assurance services provided to audit clients and fees.

Understanding assurance needs: A framework for the decision-maker

This resource provides the decision maker with a framework to understand the type of engagement that best meets the needs of the intended user(s) of the practitioner’s deliverable.

Understanding International Standard on Sustainability Assurance 5000

Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements addresses challenges commonly encountered in applying the standard in assurance engagements on EER. The guidance provides advice on: applying appropriate competence and capabilities; exercising professional skepticism and judgment; the preconditions for an assurance engagement; and specific technical matters.

Climate-related risks of an audit of financial statements: Audit and assurance alert

Climate change is increasingly front of mind for investors and other stakeholders as its effects are increasingly visible. This alert assists auditors in understanding considerations of climate-related risks in an audit of financial statements.


Accounting for and auditing of Digital Assets

Reporting Implications of the Canadian Auditing Standards (CAS) 4TH EDITION

IFAC - A Roadmap for Accelerating Integrated Reporting Assurance

PCAOB Firm Inspection Reports

The Capitalisation of Intangibles Debate: Accounting for Exploration and Evaluation Expenditure in Extractive Activities

IAASB Meeting: March 15-19, 2021 Streaming Live On YouTube

Assurance Standards Keeping Pace on Non-Financial Reporting

Practitioner's Implementation Tool: Revised CAS 540, Auditing Estimates

Audit and Assurance Summary Resource Guide

International financial reporting standards (IFRS): Summary resource guide

Auditor Reporting Guide: Reporting Implications of Canadian Auditing Standards (CAS)

Adoption of IFRS 16: Non-GAAP Financial Measures and Reserves Reporting Considerations

Performance Measurement for Non-Profit Organizations (NPOs): Guideline 

Alberta Securities Commission 2019 Corporate Finance Disclosure Report

What Not-For-Profit Organizations Need to Know About Annual Reporting

What Auditors Should Know About Attestation and Direct Engagements

New Compilation Standard: Guidance Resources

Compilation Standard - Practitioner's Pulse

Non-Authoritative Support Material Related to Technology

Summary of Key Take-Aways: IAASB Fraud and Going Concern Roundtables

Audit Committee Resource - New PCAOB Requirements Regarding Auditing Estimates and Use of Specialists

Agreed-upon Procedures Engagements: Practitioner Alert

Implementation Tool Covers Revisions to CAS 540

 

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