Basis for Conclusions

The Basis for Conclusions provides background to the Exposure Draft process, objectives of the project, significant matters arising from comments received in response to an Exposure Draft and the Auditing and Assurance Standards Board’s (AASB) conclusions regarding these comments in developing the final standard.

The Basis for Conclusions related to International Auditing and Assurance Standards Board (IAASB) standards adopted in Canada, such as Canadian Auditing Standards (CASs) and Canadian Standard on Quality Control (CSQC), focus on how the AASB dealt with comments related to possible amendments to the wording of the international standards in finalizing the Canadian standards. The Basis for Conclusions for these standards also provides a link to the corresponding documents developed by staff of the IAASB.

The Basis for Conclusions, issued to date, are available for:
Canadian Standards on Quality Control
Canadian Auditing Standards
Other Canadian Standards
Assurance and Related Services Guidelines

Canadian Standards on Quality Control

CSQC 1

Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements (issued September 2009)

Canadian Auditing Standards
(issued September 2009)
   

CAS 200	Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Canadian Auditing Standards
CAS 210	Agreeing the Terms of Audit Engagements
CAS 220	Quality Control for an Audit of Financial Statements
CAS 250	Consideration of Laws and Regulations in an Audit of Financial Statements
CAS 260	Communication with Those Charged with Governance
CAS 265	Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
CAS 320 CAS 450	Materiality in Planning and Performing an Audit and Evaluation of Misstatements Identified during the Audit
CAS 402	Audit Considerations Relating to an Entity Using a Service Organization
CAS 500	Audit Evidence
CAS 501	Audit Evidence — Specific Considerations for Selected Items
CAS 505	External Confirmations
CAS 510	Initial Audit Engagements — Opening Balances
CAS 520	Analytical Procedures
CAS 530	Audit Sampling
CAS 540	Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
CAS 550	Related Parties
CAS 560	Subsequent Events
CAS 570	Going Concern
CAS 580	Written Representations
CAS 610	Using the Work of Internal Auditors
CAS 620	Using the Work of an Auditor’s Expert
CAS 700	Forming an Opinion and Reporting on Financial Statements
CAS 705	Modifications to the Opinion in the Independent Auditor’s Report
CAS 706	Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
CAS 710	Comparative Information — Corresponding Figures and Comparative Financial Statements
CAS 720	The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements
CAS 800	Special Considerations — Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks and
CAS 805	Special Considerations — Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
CAS 810	Engagement to Report on a Summary Financial Statements

 

The Basis for Conclusions for the ISAs corresponding to the six CASs for which no AASB Basis for Conclusions were developed are available below.

ISA 230	Audit Documentation
ISA 240	The Auditor's Responsibilities Related to Fraud in an Audit of Financial Statements
ISA 300	Planning an Audit of Financial Statements
ISA 315	Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and its Environment
ISA 330	The Auditor's Responses to Assessed Risks
ISA 600	Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors

 

Other Canadian Standards

—	Commenting in a Comfort Letter on Pro Forma Financial Statements (issued December 2011)
—	Standards Affected by Changes in Canadian Securities Regulations (issued December 2011)
—	Limited Scope Revisions to Certain Standards for Assurance Engagements (issued December 2010)
CSAE 3416	Reporting on Controls at a Service Orgaization (issued August 2010)
Section 7500	Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents (issued January 2010)

 

Assurance and Related Services Guidelines

—	Commenting in a Comfort Letter on Pro Forma Financial Statements (issued December 2011)
—	Limited Scope Revisions to Certain Standards for Assurance Engagements (issued December 2010)
AuG-46	Communications with Law Firms under New Accounting and Auditing Standards (issued August 2010)
AuG-47	Dating the Review Engagement report on Financial Statements (issued December 2010)