New and Proposed Changes to Assurance
Sections for the Two Years Ended
March 31, 2015
New and Proposed Changes to Assurance Sections for the Two Years Ended
March 31, 2015
NEW AND AMENDED STANDARDS
DATE
ISSUED
Preface to the CPA Canada Handbook –
Assurance (Amendment)
June 2014
EFFECTIVE DATE
Effective as of June 1, 2014.
CAS 315 Identifying and Assessing the Risks
of Material Misstatement Through
Understanding the Entity and its Environment
(Redrafted)
August 2012
Effective for audits of financial statements for
periods ending on or after December 15, 2013.
CAS 610 Using the Work of Internal Auditors
(Redrafted)
August 2012
Effective for audits of financial statements for
periods ending on or after December 15, 2013.
May 2013
Effective for audits of financial statements for
periods ending on or after December 15, 2014.
CSAE 3410 Assurance Engagements on
Greenhouse Gas Statements (New)
September
2012
Effective for assurance reports covering
periods ending on or after September 30, 2013.
S.7060 Auditor Review of Interim Financial
Statements (New)
September
2014
Effective for reviews of interim financial
statements for interim periods of fiscal years
beginning on or after December 15, 2014.
January 2013
Effective for offering documents issued on or
after April 1, 2013.
June 2014
Effective for reports dated on or after April 1,
2016.
S.7150 Auditor’s Consent to the Use of a
Report of the Auditor Included in an Offering
Document (New)
CSRS 4460 Reports on Supplementary
Matters Arising from an Audit or a Review
Engagement (New)
This communication contains a general overview of the topic and is current as of March 31, 2015. The application of the principles addressed will depend upon the
particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions
you take about the application or not of any of the information presented be made in consultation with a qualified professional, who can address any variance that may be
required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no
responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2015. All rights reserved.
2
New and Proposed Changes to Assurance Sections for the Two Years Ended
March 31, 2015
EXPOSURE DRAFTS
DATE
ISSUED
EFFECTIVE DATE
Reporting on Audited Financial Statements:
Special Considerations
March 2015
Effective for audits of financial statements for
periods ending on December 15, 2016.
Joint Policy Statement Concerning
Communications with Law Firms Regarding
Claims and Possible Claims in Connection
with the Preparation and Audit of Financial
Statements
November
2014
Proposed effective for inquiry letters dated on
or after December 1, 2016.
Auditor’s Consent to the Use of the Auditor’s
Report Included in a Business Acquisition
Report
October 2014
Proposed effective for an auditor’s consent to
the use of the auditor’s report in a business
acquisition report issued on or after January 1,
2016.
Addressing Disclosures in the Audit of
Financial Statements
June 2014
No date yet specified.
Attestation and Direct Engagements
June 2014
Effective for assurance reports dated on or
after June 30, 2017.
The Auditor’s Responsibilities Relating to
Other Information
May 2014
No date yet specified.
Reporting on Audited Financial Statements
September
2013
Proposed effective for periods beginning on or
after December 15, 2015.
This communication contains a general overview of the topic and is current as of March 31, 2015. The application of the principles addressed will depend upon the
particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions
you take about the application or not of any of the information presented be made in consultation with a qualified professional, who can address any variance that may be
required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no
responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2015. All rights reserved.
3
New and Proposed Changes to Assurance Sections for the Two Years Ended
March 31, 2015
New and Amended Standards
Preface to the CPA Canada Handbook – Assurance (Amendment)
The Preface has been revised to:
 Clarify the effective date of requirements and recommendations in Other Canadian Standards.
 Indicate that Other Canadian Standards include Canadian Standards on Related Services.
 Include, as an example of related services standards, engagements to report on supplementary
matters to third parties.
The revised Preface is effective as of June 1, 2014.
CAS 315 Identifying and Assessing the Risks of Material Misstatement Through Understanding
the Entity and its Environment (Redrafted)
This Standard was revised, August 2012, to incorporate changes resulting from the issuance of revisions
to CAS 610 Using the Work of Internal Auditors. Revisions include the following:
 Requirement of external auditor to make inquiries of the appropriate individuals within the internal
audit function (if the function exists) about information of which they are aware that is relevant to
identifying and assessing the risks of material misstatement due to fraud or error, and provision of
application and explanatory material on matters to consider in making these inquiries.
 Recognition that management’s response to deficiencies in internal control identified by the internal
audit function may provide evidence to the external auditor regarding the entity’s control
environment.
 Provision of more detailed application and explanatory material regarding specific matters that the
auditor may cover in obtaining an understanding of the nature of the internal audit function’s
responsibilities, and its organizational status and the procedures performed or to be performed.
 Provision of more detailed guidance as to when to apply CAS 610.
Revised CAS 315 is effective for audits of financial statements for periods ending on or after December
15, 2013.
CAS 610 Using the Work of Internal Auditors (Redrafted)
This Standard was revised in August 2012 to establish a strengthened judgment-based framework for use
by the external auditor in deciding whether and to what extent to use the work of the internal audit
function. Revisions include the following:
 More detailed and clearer requirements for the external auditor to meet in deciding when it is
appropriate to use the work of the internal audit function, what the nature and extent of the use of
that work should be in circumstances of the engagement, and the external auditor’s assessment of
that work.
 Requirement for the external auditor to communicate with those charged with governance regarding
the planned use of the work of the internal audit function.
As a result of the issuance of revised CAS 610 minor consequential amendments were made to several
other Canadian Auditing Standards (CASs) to clarify terminology to be consistent with revised CAS 610.
This revision to CAS 610 is effective for audits of financial statements for periods ending on or after
December 15, 2013.
This communication contains a general overview of the topic and is current as of March 31, 2015. The application of the principles addressed will depend upon the
particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions
you take about the application or not of any of the information presented be made in consultation with a qualified professional, who can address any variance that may be
required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no
responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2015. All rights reserved.
4
New and Proposed Changes to Assurance Sections for the Two Years Ended
March 31, 2015
This Standard was further revised in May 2013 to address the responsibility of the auditor when utilizing
direct assistance from internal auditors.
This revision to CAS 610 is effective for audits of financial statements for periods ending on or after
December 15, 2014.
CSAE 3410 Assurance Engagements on Greenhouse Gas Statements (New)
This new Canadian Standard on Assurance Engagements (CSAE) deals with assurance engagements to
report on an entity’s greenhouse gas statement. CSAE 3410 is adopted from the International Standard
on Assurance Engagements (ISAE) 3410 Assurance Engagements on Greenhouse Gas Statements,
which was issued in May 2012 by the International Auditing and Assurance Standards Board (IAASB),
modified in limited circumstances, where considered necessary, to meet unique Canadian circumstances.
A practitioner in Canada performing an assurance engagement on a greenhouse gas statement would
need to comply with CSAE 3410 and other Canadian standards that apply to all assurance engagements
other than audits of financial statements and other historical financial information. A practitioner outside of
Canada performing an engagement under ISAE 3410 is required to comply with ISAE 3000 Standards for
Assurance Engagements Other than Audits or Reviews of Financial Information. The Auditing and
Assurance Standards Board (AASB) is not committed to adopting ISAE 3000. Therefore, CSAE 3410
contains Canadian amendments to address differences between ISAE 3000 and the applicable Canadian
assurance standards. These differences include:
 Requirements relating to agreeing to a change in the scope of the engagement and assessing the
appropriateness of the subject matter.
 References to relevant ethical requirements.
 Terminology.
CSAE 3410 is effective for assurance reports covering periods ending on or after September 30, 2013.
S.7060 Auditor Review of Interim Financial Statements (New)
In September 2014, the Auditing and Assurance Standards Board (AASB) issued s.7060, which replaces
s.7050 Auditor Review of Interim Financial Statements.
The proposed Standard contains several new requirements relating to the following areas:
 Agreeing the terms of engagement
 Consideration of materiality
 The auditor’s inquiries and responses to matters identified.
 Expressing a conclusion on the interim financial statements
 Documentation
This new Section is effective for reviews of interim financial statements for interim periods of fiscal years
beginning on or after December 15, 2014.
This communication contains a general overview of the topic and is current as of March 31, 2015. The application of the principles addressed will depend upon the
particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions
you take about the application or not of any of the information presented be made in consultation with a qualified professional, who can address any variance that may be
required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no
responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2015. All rights reserved.
5
New and Proposed Changes to Assurance Sections for the Two Years Ended
March 31, 2015
S.7150 Auditor’s Consent to the Use of a Report of the Auditor Included in an Offering Document
(New)
In January 2013, the Auditing and Assurance Standards Board (AASB) issued s.7150 Auditor’s Consent
to the Use of a Report of the Auditor Included in an Offering Document. This new Section replaces the
following:
 CICA 7110 Auditor Involvement with Offering Documents of Public and Private Entities
 CICA 7115 Auditor Involvement with Offering Documents of Public and Private Entities - Current
Legislative and Regulatory Requirements
 AuG-30 The Auditor’s Consent and Comfort in Connection with Securities Offering Documents
Significant points of the new Standard include:
 The auditor’s responsibility when an intervening period event is identified in circumstances when the
audited statements were prepared in accordance with a financial reporting framework that does not
allow dual dating.
 Only one consent letter is to be provided by auditors in connection with certain offering documents
filed with a Canadian Securities regulator.
 New wording for the auditor’s consent.
Consequential amendments were made to s.7200 Auditor Assistance to Underwriters and Others and
s.7500 Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents.
The new Standard and related amendments are effective for offering documents issued on or after April
1, 2013.
CSRS 4460 Reports on Supplementary Matters Arising from an Audit or a Review Engagement
(New)
This new Canadian Standard on Related Services (CSRS) pertains to engagements to report on
supplementary matters arising from an audit or a review engagement to a third party (previously referred
to as derivative reporting). CSRS 4460 sets out requirements relating to:
 Acceptance of the engagement, including circumstances when acceptance is prohibited.
 Performance of the engagement.
 Reporting, including the content of the practitioner's report.
Under CSRS 4460, a public accountant is required to perform procedures, using professional judgment,
to issue a stand-alone report on a supplementary matter, except when required by law, regulation or
agreement to include a report related to the supplementary matter within the report on the financial
statements or other historical financial information. No audit opinion or review conclusion is expressed on
the supplementary matter, and the public accountant should only accept the other reporting responsibility
when the related review or audit engagement has been accepted. As a result of the issuance of CSRS
4460, editorial changes have been made to s. 9100 Reports on the Results of Applying Specified Auditing
Procedures to Financial Information Other than Financial Statements, AuG-17 Transactions or Conditions
Reportable under the “Well-being Reporting Requirement” in Federal Financial Institutions Legislation and
AuG-18 Criteria for Reports Issued under Subsection 295(5) of “An Act Respecting Trust Companies and
Savings Companies” in Quebec while AuG-13 Special Reports on Regulated Financial Institutions has
been withdrawn.
CSRS 4460 is effective for reports dated on or after April 1, 2016.
This communication contains a general overview of the topic and is current as of March 31, 2015. The application of the principles addressed will depend upon the
particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions
you take about the application or not of any of the information presented be made in consultation with a qualified professional, who can address any variance that may be
required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no
responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2015. All rights reserved.
6
New and Proposed Changes to Assurance Sections for the Two Years Ended
March 31, 2015
Exposure Drafts
Reporting on Audited Financial Statements: Special Considerations
The International Auditing and Assurance Standards Board (IAASB) is proposing amendments to IAS
800, Special Considerations – Audits of Financial Statements Prepared in Accordance with Special
Purpose Frameworks, and IAS 805, Special Considerations – Audits of Single Financial Statements and
Specific Elements, Accounts or items of a Financial Statement, resulting from significant revisions to its
auditor reporting standards.
The ED will address the voluntary communication of key audit matters and naming the engagement
partner in the auditor’s report on a single financial statement or an element of financial statement.
The revisions to CAS 805 and 800 are effective for audits of financial statements for periods ending on
December 15, 2016.
Joint Policy Statement Concerning Communications with Law Firms Regarding Claims and
Possible Claims in Connection with the Preparation and Audit of Financial Statements
In November 2014, the Auditing and Assurance Standards Board (AASB) and the JPS Review
Committee of the Canadian Bar Association (CBA Committee) issued an Exposure Draft (ED) that
proposes a revised “Joint Policy Statement Concerning Communications with Law Firms Regarding
Claims and Possible Claims in Connection with the Preparation and Audit of Financial Statements” (the
“Statement”). This Statement will replace the existing Statement issued in 1978 and AuG-46
Communication with Law Firms under New Accounting and Auditing Standards.
Fundamental proposed changes include:




Expanding the scope of the revised Statement to apply to in-house legal counsel who is acting in a
legal capacity by performing a role that commonly would be performed by external legal counsel;
Providing a more detailed discussion on the legal concept of privilege;
Structuring the revised Statement to be accounting framework neutral so that it can be used
regardless of the applicable financial reporting framework applied by management to evaluate the
entity’s claims and possible claims; and
Updating guidance with respect to the timing of issuance of the inquiry and response letters.
The revised Statement would be effective for inquiry letters dated on or after December 1, 2016.
Auditor’s Consent to the Use of the Auditor’s Report Included in a Business Acquisition Report
In October 2014, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft (ED)
that proposes to issue s.7170 Auditor’s Consent to the Use of the Auditor’s Report Included in a Business
Acquisition Report to replace s.7500 Auditor’s Consent to the Use of the Auditor’s Report In Connection
with Designated Documents. The proposed s.7170 focuses on the business acquisition report and the
extant requirements and guidance in s.7500 have been significantly redrafted to capture the nuances
necessary to deal with consent in connection with a business report.
The proposed s.7170 would be effective for an auditor’s consent to the use of the auditor’s report in a
business acquisition report issued on or after January 1, 2016. Earlier application would be permitted.
This communication contains a general overview of the topic and is current as of March 31, 2015. The application of the principles addressed will depend upon the
particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions
you take about the application or not of any of the information presented be made in consultation with a qualified professional, who can address any variance that may be
required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no
responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2015. All rights reserved.
7
New and Proposed Changes to Assurance Sections for the Two Years Ended
March 31, 2015
Addressing Disclosures in the Audit of Financial Statements
In June 2014, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft (ED) that
proposes amendments to a number of Canadian Auditing Standards (CASs) to clarify the expectations of
auditors when auditing financial statement disclosures and provide additional guidance to assist auditors
in addressing the practical challenges arising from the evolving nature of disclosures. The following
provides an overview of the proposed changes:
 Clarifying the Meaning of Disclosures: Proposed Change to CAS 200 Overall Objectives of the
Independent Auditor and the Conduct of an Audit in Accordance with Canadian Auditing Standards
 Clarifies that the term “financial statements” includes all disclosures subject to audit as found in
the related notes, on the face of the financial statements or incorporated by cross-reference as
allowable by some financial reporting frameworks.
 Guiding Auditors to Address Audit Considerations Relating to Disclosures Early in the Audit:
Proposed Changes to CAS 210 Agreeing the Terms of Audit Engagements, CAS 260
Communication with Those Charged with Governance and CAS 300 Planning an Audit of Financial
Statements
 Provides additional guidance to encourage earlier auditor attention on disclosures during the audit
process.
 Identifying, Assessing and Responding to Risks of Material Misstatement – Disclosure
Considerations: Proposed Changes to CAS 240 The Auditor’s Responsibilities Relating to Fraud in
an Audit of Financial Statements, CAS 315 Identifying and Assessing the Risks of Material
Misstatement through Understanding the Entity and its Environment, CAS 320 Materiality in Planning
and Performing an Audit and CAS 330 The Auditor’s Responses to Assessed Risks
 Provides new application material to assist auditors in assessing and responding to the risks of
material misstatement, including at the assertion level, for disclosures whether due to fraud or
error.
 Integrates the relevant assertions relating to disclosures with the assertions about classes of
transactions and events and account balances.
 Clarifying and Elaborating Expectations of Auditor when Evaluating Misstatements and Forming on
Opinion: Proposed Changes to CAS 450 Evaluation of Misstatements Identified During the Audit and
CAS 700 Forming an Opinion and Reporting on Financial Statements.
 Provides new application material related to the accumulation and evaluation of the effect of
misstatements in both quantitative and non-quantitative disclosures.
 Provides new guidance to assist auditors in effectively and consistently evaluating the financial
statements overall.
The proposed effective date for the revised CASs would be approximately 12 to 15 months after the
issuance of the final standards. Earlier application would be permitted.
Attestation and Direct Engagements
In June 2014, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft (ED) to
adopt International Standard on Assurance Engagements (ISAE) 3000 Assurance Engagements Other
than Audits or Reviews of Historical Financial Information as Canadian Standard on Assurance
Engagements (CSAE) 3000 Attestation Engagements Other than Audits or Reviews of Historical
Financial Information and to issue a new CSAE 3001 Direct Engagements.
This communication contains a general overview of the topic and is current as of March 31, 2015. The application of the principles addressed will depend upon the
particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions
you take about the application or not of any of the information presented be made in consultation with a qualified professional, who can address any variance that may be
required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no
responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2015. All rights reserved.
8
New and Proposed Changes to Assurance Sections for the Two Years Ended
March 31, 2015
An attestation engagement is an assurance engagement in which a party other than the practitioner
measures or evaluates the underlying subject matter against specific criteria. In an attestation
engagement, the practitioner’s conclusion addresses whether the subject matter information is free from
material misstatement. A direct engagement is an assurance engagement in which the practitioner
measures or evaluates the underlying subject matter against the applicable criteria. In a direct
engagement, the practitioner’s conclusion addresses the reported outcome of the measurement or
evaluation of the underlying subject matter against the criteria.
The new standards provide guidance on the following key requirements with respect to attestation and
direct engagements:
 Client acceptance and continuance
 Engagement quality controls
 Professional skepticism, professional judgment, and assurance skills and techniques
 Planning and performing the engagement
 Obtaining evidence
 Considering the effect of subsequent events and other information
 Forming the assurance conclusion
 Preparing the assurance report
 Documentation
These standards will replace:
 s.5025 Standards for Assurance Engagements Other Than Audits of Financial Statements and Other
Historical Financial Information;
 s.5030 Quality Control Procedures for Assurance Engagements Other Than Audits of Financial
Statements and Other Historical Financial Information;
 s.5049 Use of Specialists in Assurance Engagements Other Than Audits of Financial Statements
and Other Historical Financial Information;
 s.5050 Using the Work of Internal Audit in Assurance Engagements Other Than Audits of Financial
Statements and Other Historical Financial Information; and
 s.8100 General Review Standards.
The proposed CSAE 3000 and CSAE 3001 would be effective for assurance reports dated on or after
June 30, 2017.
The Auditor’s Responsibilities Relating to Other Information
In May 2014, the Auditing and Assurance Standards Board (AASB) issued a Re-Exposure Draft (Re-ED)
that significantly modified the positions taken in the 2012 ED as a result of comments received from
stakeholders. The following summarizes the significant proposed changes:
 Scope:
 The scope is expanded to include a combination of documents that accompany the audited
financial statements, as opposed to being limited to a document that contains the audited
financial statements.
 The scope is narrowed to limit it to a document, or combination of documents, that meets the
definition of an annual report.
This communication contains a general overview of the topic and is current as of March 31, 2015. The application of the principles addressed will depend upon the
particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions
you take about the application or not of any of the information presented be made in consultation with a qualified professional, who can address any variance that may be
required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no
responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2015. All rights reserved.
9
New and Proposed Changes to Assurance Sections for the Two Years Ended
March 31, 2015


Objectives:
 There would be increased emphasis on considering whether there is a material inconsistency
between the other information and the financial statements, and the auditor’s knowledge obtained
during the course of the audit.
 The auditor would have the objective of reporting regarding the results of the procedures
performed on other information, including a description of any material misstatements identified.
Auditor’s responsibilities relating to other information obtained subsequent to the date of the auditor’s
report:
 The Re-ED clarifies that the auditor’s responsibilities relating to other information, other than the
reporting responsibilities, apply regardless of whether the other information is obtained by the
auditor prior to, or after, the date of the auditor’s report.
The proposed effective date for CAS 720 (Revised) would be approximately 12 to15 months after
issuance of the final Standard. Earlier application would be permitted.
Reporting on Audited Financial Statements
In September 2013, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft (ED)
that proposes new and revised standards dealing with auditor reporting on financial statements. The
objective of the proposed changes is to provide more relevant information to financial statement users
based on the audit that was performed.
The following summarizes the significant changes being proposed:
 For a listed entity, inclusion of key matters within the auditor’s report that, in the auditor’s
professional judgment, were of most significance in the audit of the financial statements.
 Separate section for “going concern” that includes the auditor’s conclusion on the appropriateness of
management’s use of the going concern assumption in preparing the financial statements and an
explicit statement as to whether the auditor has identified material uncertainties that may cast doubt
on an entity’s ability to continue as a going concern.
 Disclosure of the engagement partner’s name within the auditor’s report for audits of financial
statements of listed entities except in rare circumstances where such disclosure is expected to result
in a significant security threat to the individual.
 Enhanced descriptions of the responsibilities of management, the auditor and those charged with
governance.
 Requirement for the auditor to specify ethical requirements including those established by different
sources to which the auditor is subject.
The effective date is planned to be for periods beginning on or after December 15, 2015.
This communication contains a general overview of the topic and is current as of March 31, 2015. The application of the principles addressed will depend upon the
particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions
you take about the application or not of any of the information presented be made in consultation with a qualified professional, who can address any variance that may be
required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no
responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2015. All rights reserved.
10
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