FAQ for management and audit committees: New auditor reporting standards

What do management and audit committees need to know about the new auditor reporting standards? This FAQ addresses the key concepts and questions relevant to management and audit committees.

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The new auditor reporting standards are a collection of changes to various standards in the CPA Canada Handbook – Assurance that result in a new and enhanced auditor's report for audits of all entities effective for audits of financial statements for periods ending on or after December 15, 2018. This FAQ addresses key concepts and questions relevant to management and audit committees and audit committees relating to the new and revised auditor reporting standards.

FAQs include:

  • What are the new auditor reporting standards?
  • What are the significant changes?
  • How does the new going concern disclosure impact management and audit committees?
  • What is Other Information and how do the new disclosures impact management and audit committees?
  • Will the new and more informative auditor's report add significantly more time to the audit and financial reporting process?

Also includes additional FAQs applicable when key audit matters are applied.