Auditor reporting guide: Reporting implications of Canadian Auditing Standards (CAS)

From CPA Canada

About Reporting Implications of the Canadian Auditing Standards, 5th edition

The purpose of this publication is to promote consistency in the form and content of practitioners' reports by providing guidance with respect to commonly occurring circumstances. This guide does not amend or override auditing or review standards, the texts of which alone are authoritative, nor does it necessarily address all audit reporting changes related to Canadian auditing standards.

The Reporting Implications of the Canadian Auditing Standards guide has been developed by the Reporting Implications of Assurance Standards Task Force. The material in this guide represents the views of the task force.

Guide format

  • a series of issues presented in Q&A format
  • illustrative reports

These are designed to help you understand and apply requirements and supporting guidance issued by the Auditing and Assurance Standards Board (AASB) relating to reporting.

What’s changed in the 5th edition of the guide?

  • Throughout this guide, for those example scenarios that make reference to International Financial Reporting Standards (IFRS) as the financial reporting framework, the illustrative example report has been updated to use the terminology material accounting policy information, instead of significant accounting policies. 
    • Read the January 2023 publication from the AASB.
    • Applicable for financial statements prepared in accordance with IFRS for annual reporting periods beginning on or after January 1, 2023.
    • No impact on financial statements prepared in accordance with Canadian Domestic Standards (accounting standards for private enterprises, accounting standards for not-for-profit organizations, accounting standards for pension plans).
  • References in Chapter 12 Group Audits have been updated to align with the new CAS 600, which is effective for audits of group financial statements for periods beginning on or after December 15, 2023.
  • Read the August 2022 Audit & Assurance Alert for highlights of the significant changes in CAS 600.

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