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Learn about the changes proposed to the current Canadian Standard on Assurance Engagements (CSAE) 3416, Reporting on Controls at a Service Organization, and the timeline to respond to the recently issued exposure draft (ED).
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CPA Canada has issued this Audit and Assurance Alert to raise awareness of the recent exposure draft issued by the Auditing and Assurance Standards Board (AASB) in December 2018, which highlights significant proposed changes to the current CSAE 3416, Reporting on Controls at a Service Organization. These engagements are commonly referred to as SOC 1 engagements.
Practitioners who prepare CSAE 3416 reports or who use CSAE 3416 reports as audit evidence (e.g., service auditors' reports) are strongly encouraged to read the ED to familiarize themselves with the proposed changes and to consider and provide feedback to the AASB on how they expect these changes will be applied in practice. Comments to the AASB must be received by February 28, 2019.
Canada’s accounting and auditing standards boards have a lot going on. Make sure you stay up to date on changes and get involved in standards development through the boards’ webinars and events.
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