Audit and assurance alert: Auditor's consent in connection with a designated document
Learn about the recently revised Section 7170, addressing the auditor's responsibilities when responding to requests to consent to the use of the auditor's report in connection with designated documents.
This Audit and Assurance Alert raises awareness of revised Section 7170, Auditor's Consent to the Use of the Auditor's Report in Connection with a Designated Document, issued in March 2019. This revised standard replaces extant Section 7170 and Section 7500. These requirements come into effect as of, and are applicable to, an auditor's consent provided on or after June 1, 2019.
This alert will:
- summarize the considerations made in revising Section 7170, including how the CPA Canada Handbook – Assurance is structured to appropriately address standards on providing consent
- summarize what other Handbook sections address consent in connection with a given document
- define what is considered a "designated document" (e.g. audited financial statements, annual report, business acquisition report, MD&A, etc.)
- clarify whether the auditor's consent applies to other documents included or referenced in a designated document
- clarify whether the auditor's consent is required to be in writing