2009-12-17 Frequently Asked Questions by clients about the changeover to Canadian Auditing Standards (CAS)

Download

This newsletter gives answers to some frequently asked questions that management and audit committees may be wondering about the changeover to CAS, the benefits and the implications to clients.

Canada is adopting International Standards on Auditing (ISA) as Canadian Auditing Standards (CAS) for the audits of financial statements and other historical financial information. When effective, the CASs will constitute Canadian generally accepted auditing standards (GAAS). CAS comes into effect for periods ending on or after December 14, 2010.

While there is generally overlap between current Canadian standards and the new standards, management and audit committees will see a number of changes in the execution of audits, and financial statement users will see changes in the wording and format of the auditors’ report.