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Learn about communicating key audit matters in the independent auditor's report.
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This Audit and Assurance Alert was originally published in May 2017 and has been updated in December 2018 to address the change in scope of when key audit matters are to be identified.
Audit and Assurance Alert: CAS 701, Communicating Key Audit Matters in the Independent Auditor's Report raises awareness about the requirements pertaining to key audit matters when CAS 701 has been applied. CAS 701 applies to audits of complete sets of general purpose financial statements when either the auditor decides to communicate key audit matters in the auditor's report or when the auditor is required by law or regulation to communicate key audit matters in the auditor's report.
These revisions are effective for audits of financial statements for periods ending on or after December 15, 2018.
For periods ending on or after December 15, 2020, key audit matters are to be communicated for audits of complete sets of general purpose financial statements of entities listed on the Toronto Stock Exchange (TSE), other than entities required to comply with National Instrument 81-106, Investment Fund Continuous Disclosure.
September 23, 2019
Canada’s dynamic, must-attend CPA event of the year is heading to Montréal with the theme of innovation for sustainability.
October 28, 2019
If you’re a senior financial professional in the public sector or work for a not-for-profit that follows PSAB standards, this annual event in the nation’s capital is the place to be.
November 7, 2019
Join CPA Canada’s Financial Literacy Program in Ottawa, our nation’s capital, as we look at the trends changing the economic landscape and how they will affect how Canadians manage their money.