More About Canadian Auditing Standards (CASs)

The Auditing and Assurance Standards Board (AASB) has adopted 36 International Standards on Auditing (ISAs) as Canadian Auditing Standards (CASs) for audits of financial statements for periods ending on or after December 14, 2010.

The International Standard on Quality Control 1 will be adopted as Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements, or CSQC 1, on December 15, 2009.

The AASB recently made available a revised CICA Handbook – Assurance containing the new standards. The Handbook is separated into Parts I and II. Part I is made up of all of the Preface to the Handbook, CASs, CSQC 1, and all other Sections and Guidelines referred to as Other Canadian Standards (OCSs), which have been retained and carried forward from the existing Handbook. Part II consists of the existing standards and guidance in effect prior to the effective date of the CASs and CSQC1.

Auditors may choose to implement aspects of the CASs before their effective date, provided that those auditors still comply with all of the existing standards and guidance.

Further information on Canadian Auditing Standards

Article — The CAS audit (CAmagazine, April 2010)
Article — How much is enough? Audit Documentation (CAmagazine, March 2010)
Guide — The CICA's Guide to New CASs in Canada
Memorandum — Reporting on Financial Statements under Canadian Auditing Standards
Video — New Canadian Auditing Standards
Media Release — New Auditing Standards and Quality Control Standard Now Available
Article — Are You Ready for ISAs? (CAmagazine, April 2009 )
Article — Changes Ahead (CAmagazine, August 2009)
Article — How to Stay Out of the Rough (CAmagazine, November 2009)

Quality Control Standard for Firms (CSQC 1)

Risk Alert — New Quality Control Standard for Firms
Risk Alert — CSQC 1 — Transition Issues
Webinar — Getting ready for the new Canadian Standard on Quality Control (archived — July 2009)
Article — Commitment to Excellence (CAmagazine, November 2009)

Bases for Conclusions

View Basis for Conclusions documents

Webinars

The new Canadian Audit Standards: After Busy Season — What Firms Should Do Now (May 2010)
Opportunities to Improve Audit Quality in Transition to Canadian Auditing Standards (May 2010)
Implementing Canadian Auditing Standards in Your Firm (October 2009)
Getting ready for the new Canadian Standard on Quality Control (July 2009)

The CICA Handbook – Assurance

Restructured Handbook
Background Document — The CICA Handbook – Assurance — Getting Familiar with the New Handbook
The CICA Handbook – Assurance

Related Resources

International Auditing and Assurance Standards Board (IAASB)
IAASB Clarity Center