Canadian Auditing Standards

Effective Dates for New Standards

This summary of recently issued Auditing and Assurance Standards Board (AASB) pronouncements has been prepared for information purposes only. Consequential amendments to existing standards resulting from the issuance of new standards and less significant changes to existing standards are not included below. Reference should be made to official Handbook material for the text of final AASB pronouncements.

Pronouncement	Effective for
December 15, 2023:
CSQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statement, or Other Assurance or Related Services Engagements	Systems of quality management in compliance with CSQM 1 for related services engagements are required to be designed and implemented by December 15, 2023, and the evaluation of the system of quality management is required to be performed within one year following December 15, 2023.
CSQM 2, Engagement Quality Reviews	Effective for related services engagements beginning on or after December 15, 2023.
CAS 600, Group Audits	Audits of financial statements for periods beginning on or after December 15, 2023.
March 31, 2023:
CAS 500, Audit Evidence and Appendix: Joint Policy Statement Concerning Communications between Actuaries Involved in the Preparation of Financial Statements and Auditors	Communications between the auditor and the actuary initiated on or after March 31, 2023.
December 15, 2022:
CSQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statement, or Other Assurance or Related Services Engagements	Systems of quality management in compliance with CSQM 1 for audits or reviews of financial statements or other assurance engagements are required to be designed and implemented by December 15, 2022, and the evaluation of the system of quality management is required to be performed within one year following December 15, 2022.
CSQM 2, Engagement Quality Reviews	Effective for audits and reviews of financial statements for periods beginning on or after December 15, 2022, and other assurance engagements beginning on or after December 15, 2022.
CAS 220, Quality Management for an Audit of Financial Statements	Audits of financial statements for periods beginning on or after December 15, 2022.
CAS 700, Forming an Opinion and Reporting on Financial Statements, paragraphs C30 and C40C(c)	Audits of complete sets of general purpose financial statements of other listed entities, excluding listed entities required to comply with National Instrument 81-106, Investment Fund Continuous Disclosure, for periods ending on or after December 15, 2022.
December 15, 2021:
CAS 315, Identifying and Assessing the Risks of Material Misstatement	Audits of financial statements for periods beginning on or after December 15, 2021.
December 15, 2020:
CAS 700, Forming an Opinion and Reporting on Financial Statements, paragraphs C30 and C40C(c)	Audits of complete sets of general purpose financial statements of entities listed on the Toronto Stock Exchange, other than entities required to comply with National Instrument 81-106, Investment Fund Continuous Disclosure, for periods ending on or after December 15, 2020.