Assurance and Related Services

2022 Assurance and Related Resources

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.

We know we need professional skepticism, but what does it mean for remote audits? Read this blog and listen to our podcast to learn what Karen Higgins, audit and assurance partner at Deloitte Canada, had to say.

Organizations increasingly rely on IT for internal operations and when engaging with external service providers. Keep reading to learn about auditors’ responsibilities related to their client’s IT environment and the related general information technology controls.

Hand reaching towards a touch screen with technology icons.
The world is increasingly digitized and connected. Organizational reliance on information technology (IT) applications, infrastructure, processes, and personnel is increasing for organizations of all sizes and complexity. With many auditors beginning to apply the requirements of revised Canadian Auditing Standard (CAS) 315, it is timely to share a few reminders of the heightened emphasis on general information technology controls (GITCs) in the revised standard and your related responsibilities as an auditor.

In September 2021, we issued the Discussion Paper, “Exploring Standard-Setting Options for Audits of Less Complex Entities.” The Discussion Paper sought to gather views on how best to address the challenges practitioners experience in applying the Canadian Auditing Standards (CASs) to audits of less complex entities (LCE audits).

Their challenges are not unique to Canada. The International Auditing and Assurance Standard Board (IAASB) has also deliberated on a solution to this issue. In July 2021, the IAASB issued the Exposure Draft, “Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities.”

Forming and Opinion and Reporting on Financial Statements, and CAS 260, Communication with Those Charged with Governance, as a Result of the Revisions to the IESBA Code that Require a Firm.

Organizations increasingly rely on IT for internal operations and when engaging with external service providers. Keep reading to learn about auditors’ responsibilities related to their client’s IT environment and the related general information technology controls.

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.

CAS 315: Preparing for the new risk identification and assessment standard

Now is the time. Learn about significant revisions to Canadian Auditing Standard (CAS) 315 promoting a more effective risk identification and assessment – your audit depends on it.

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.


2021 Assurance and Related Resources

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.

COVID-19 Drives Changes to PCAOB’s Inspection Approach

A staff report from the Public Company Accounting Oversight Board announced changes to its approach to inspections for 2021. Many of the changes are driven by the ongoing pandemic, which forced the board to conduct inspections remotely while causing audit firms and their clients to change how they do business.

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.

Evaluating the Financial Self-sufficiency of Government Business Enterprises

How to Evaluate the Financial Self-sufficiency of a Government Business Enterprise explains how financial self-sufficiency is a key factor in determining whether a government organization is a government business enterprise (GBE) and should therefore be included in the financial statements of a controlling government. This guidance sets out factors, changes in factors and questions to consider in evaluating a GBE’s financial self-sufficiency.

Extended External Reporting Assurance Engagements

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.

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.

IASB consults on revamped framework for management commentary

The International Accounting Standards Board proposed a comprehensive new framework for companies preparing management commentaries, also known as management discussion and analyses.

IESBA Strengthens Auditor Independence Rules on Fees and Non-Audit Services

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.

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.

May Audit Blog Highlights New Quality Management Standards

New quality management standards prioritize proactive management or mitigation of risks at the firm and engagement levels. Learn how these new standards promote a consistent, high-quality performance by practitioners.

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.

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.

Joint report on Fraud, Going Concern and the Expectation Gap in Audit

The audit expectation gap – what financial statement users expect from the auditor and the audit versus the reality of what an audit is – continues to be an issue of growing importance for many stakeholders around the world.

AASB Discussion Paper – Exploring Standard-Setting Options for Audits of Less Complex Entities

The Auditing and Assurance Standards Board (AASB) issued a Discussion Paper to obtain stakeholder input on options that might be explored in Canada to address the challenge of applying the Canadian Auditing Standards (CASs) to audits of less complex entities. Submit your comments by December 10, 2021!

Recent guidance on using automated tools and techniques (ATT) in the audit

New to using ATT in audits? Wondering how to use ATT appropriately for risk assessment, audit procedures or what to document? Find a summary of recent Canadian and International resources here.

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

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

Assurance Standards Implementation and Application Guidance: Resources

Webinar – Exploring PSAB’s Exposure Draft, “Financial Statement Presentation, Proposed Section PS 1202”

Preparing for the New Standard on Compilation Engagements

COVID-19 year-end reminders for auditors: Q&A with Canada’s audit regulator

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

Implementing CAS 540 revised standard during COVID-19: Q&A with Josee Delli Colli

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

A Framework for Information Integrity Controls

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

Anti-Money Laundering: The Basics

SEC Updates Management Discussion and Analysis and Other Disclosures

Audit Quality Blog Highlights New Group Audit Standard

Revised CAS 540: Guidance Resources

AUP Engagements Highlighted in New Practitioner Alert

Audit Quality Blog Highlights Revised CAS 540 Implementation in Q&A

Implementation Tool Covers Revisions to CAS 540

 

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