CANADIAN AUDITING STANDARDS IMPLEMENTATION
PRACTITIONER SUPPORT
STANDARDS DISCUSSED
CAS 260, Communication with those charged
with governance
CAS 265, Communicating deficiencies in internal control
to those charged with governance and management
Implementation Tool for Auditors
Communications Between the Auditor and Those Charged
with Governance: What, When and How?
This Implementation Tool for Auditors (Tool) will help you implement the Canadian Auditing Standards (CASs) requirements related to communication with those charged with governance. This Tool provides you in a practical tabular format a list of required matters to be communicated with those
charged with governance, and includes relevant references to CASs, required form of communication and suggested timing for your communication
of required matters of audit relevance. You need to adapt the Tool to your audit engagement; not all CASs will necessarily apply to your engagement.
Effective two-way communication can assist you and those charged with governance with your respective responsibilities; discover how in the Tool!
Before going to the Tool you may want to see the answers to the following questions:
1.
My client is an owner-managed entity. Do I have to apply CAS requirements for communication with those charged with governance?
2.
Who are those charged with governance?
3.
How can I identify those charged with governance?
4.
How can I apply the requirements for communication with those charged with governance to my audit of a small non-complex entity?
5.
How do I use the Tool?
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Communications Between the Auditor and Those Charged
with Governance: What, When and How?
1. My client is an owner-managed entity. Do I have to apply
CAS requirements for communication with those charged
with governance?
Yes. Even when your client is a small entity managed and governed by an
owner-manager, CAS communication requirements apply to your audit
engagement. These requirements are intended to be scalable and will
help you achieve an effective two-way communication between you as
the auditor and the owner-manager client (i.e., those charged with governance). The communication process does not need to be complicated.
This Tool can guide you in your communications with your ownermanager clients.
2. Who are those charged with governance?
“Those charged with governance” are the persons or organizations with
responsibility for overseeing the strategic direction of an entity and dealing with the obligations related to the accountability of that entity. They
are also responsible for overseeing the financial reporting process.
3. H
ow can I identify those charged with governance?
Because CAS 260 is meant to apply to all sizes and types of entities and a
variety of governance structures, it does not specify for all audits the persons with whom the auditor must communicate. Accordingly, identifying
those charged with governance depends on the circumstances of each
entity. In many cases, those charged with governance may be specifically
identified in an entity’s incorporating or other governing legislation, or in
other documents, such as a formal organizational structure. Where the
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Auditors
legislative or organizational structure is not clearly defined, as is the case
in many not-for-profit organizations and family-owned entities, you may
need to discuss and agree with whomever is engaging you as to whom
you are to communicate with.
There are also situations in which the auditor has to communicate with a
subgroup of those charged with governance, for example, an audit committee. If this is the case, the auditor is required to determine whether to
communicate with the entire governing body as well.
4. H
ow can I apply the requirements for communication
with those charged with governance to my audit of a
small non-complex entity?
The requirements for communication with those charged with governance are intended to be scalable. For example, when auditing smaller entities, the auditor may communicate in a less structured manner with those
charged with governance than when auditing listed or larger entities.
Generally, oral communication is adequate, particularly when there is
ongoing contact and dialogue with those charged with governance. In
your audit engagement, if you don’t have to provide communication on
independence, the only written communication required would be about
significant deficiencies in internal control. You need to communicate with
those charged with governance about any significant audit findings in
writing only if, in your professional judgment, oral communication would
not be adequate. Oral communication may not be adequate, for example,
when a matter is complex or controversial or has legal implications.
When you perform an audit under CASs, no matter the type or size of the entity, you are required to communicate with
those charged with governance certain matters of audit relevance on a timely basis!
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Communications Between the Auditor and Those Charged
with Governance: What, When and How?
In addition, when all of those charged with governance are also involved
in managing the entity, you may have already communicated many matters to management that do not need to be communicated again to the
same persons in their governance role. You do, however, need to be satisfied that communication with those in management informs all those who
would otherwise be informed in their governance role.
5. How do I use the Tool?
The Tool illustrates your communications with those charged with governance under Canadian Auditing Standards (CASs) with a focus on the
“what,” “when” and “how.”
The “WHAT” column ­— Matters to be communicated
The Tool lists the matters that you, as the auditor, must communicate with
those charged with governance on a timely basis. You may also have certain other communications and reporting responsibilities to those charged
with governance established by applicable laws or regulations in relation
to matters arising from the audit, which are not covered in this Tool.
The “WHEN” column­— Suggested timing
Suggested timing for communication is indicated in the Tool under the
phases of the audit process1. The appropriate timing for communications
will vary with the significance and nature of the matter involved, and the
action expected to be taken by those charged with governance. Those
charged with governance may also suggest the appropriate timing for
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certain communications. Accordingly, in some circumstances specific to
your audit engagement, you may decide that it is more appropriate to
communicate a matter earlier than the suggested timing indicated
in the Tool.
The “HOW” column­— Form of communication
Generally, oral communication is adequate as long as it takes place on a
timely basis. The form of communication will vary with the circumstances,
including the size and governance structure of the entity, how those
charged with governance operate and your view of the significance of
matters to be communicated. For example, the auditor’s communication
with those charged with governance about fraud may be made orally or
in writing. But, due to the nature and sensitivity of fraud involving senior
management, or if fraud results in a material misstatement in the financial
statements, the auditor may consider it necessary to report such matters
in writing. The Tool indicates where written communication is required.
The Tool lists also the relevant references to CAS 260, CAS 265 and other
CASs that contain requirements for communication with those charged
with governance.
Communication requirements are spread throughout the CASs and apply
to audits of all entities. These communication requirements are scalable
and aim to promote effective two-way communication between the auditor and those charged with governance. Effective two-way communication
can assist you and those charged with governance with your respective
1 For details related to the phases of the audit process, refer to the “CAS Support Tool” on the CICA Web site at www.cica.ca/cas.
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Communications Between the Auditor and Those Charged
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responsibilities in many ways as described in the following table:
Effective two-way
communication can assist:
both the auditor and those
charged with governance in:
the auditor in:
those charged with
governance in:
Don’t forget to document your file!
Where required matters are communicated orally, the auditor must include them in the audit documentation, as well as specify
when and to whom they were communicated. Where matters have been communicated in writing, the auditor must retain a copy
of the communication as part of the audit documentation. Refer to CAS 230 paragraphs 8 to 11 for form, content and extent of
audit documentation.
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Communications Between the Auditor and Those Charged
with Governance: What, When and How?
“WHAT”
Topic
Auditor’s
responsibilities
CAS reference
Matters to be communicated with those charged with
governance on a timely basis
CSQC 1
paragraph 30(a)
The identity and role of the engagement partner.
CAS 260
paragraph 14
The responsibilities of the auditor in the financial statement audit, including:
•
The auditor is responsible for forming and expressing an opinion on the financial statements that
have been prepared by management with the
oversight of those charged with governance; and
•
The audit of the financial statements does not
relieve management or those charged with governance of their responsibilities.
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Suggested timing “WHEN”
Pre-audit Planning Performing
99
Conclusions
and reporting
“HOW”
Form of
communication
Oral or written
communication
Oral or written
communication
(For example,
providing those
charged with
governance with
a copy of the
engagement letter
may be an appropriate way to
communicate with
them.)
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Communications Between the Auditor and Those Charged
with Governance: What, When and How?
“WHAT”
Topic
Auditor
independence
CAS reference
Matters to be communicated with those charged with
governance on a timely basis
CAS 260
paragraphs 17, 20
(In the case of listed entities) matters related to auditor
independence, which include:
•
A statement that the engagement team and others
in the firm, as appropriate, the firm and, when
applicable, network firms have complied with the
relevant ethical requirements on independence;
•
All relationships and other matters between the
firm, network firms and the entity that, in the auditor’s professional judgment, may reasonably be
thought to affect independence. This will include
total fees charged during the period covered by
the financial statements for audit and non-audit
services provided by the firm and network firms
to the entity and to components controlled by the
entity. These fees will be allocated to categories
that are appropriate for assisting those charged
with governance in assessing the effect of services
on the independence of the auditor; and
•
The related safeguards that have been applied to
eliminate identified threats to independence or
reduce them to an acceptable level.
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Suggested timing “WHEN”
Pre-audit Planning Performing
99
Conclusions
and reporting
99
“HOW”
Form of
communication
Written communication required
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Communications Between the Auditor and Those Charged
with Governance: What, When and How?
“WHAT”
Topic
Planning and
timing of the
audit or group
audit
CAS reference
Matters to be communicated with those charged with
governance on a timely basis
Suggested timing “WHEN”
Pre-audit Planning Performing
Conclusions
and reporting
“HOW”
Form of
communication
CAS 260
paragraph 18
The form, timing and expected general content of
communications.
99
Oral or written
communication
CAS 600
paragraphs
49a) – 49b)
Matters related to the planning of a group audit, which
include:
99
Oral or written
communication
99
Oral or written
communication
CAS 260
paragraphs 15,
A13
Refer also to
CAS 260
paragraph A14
•
An overview of the type of work to be performed
on the financial information of the components.
•
An overview of the nature of the group engagement team’s planned involvement in the work to
be performed by the component auditors on the
financial information of significant components.
An overview of the planned scope and timing of the
audit, such as:
•
How the auditor proposes to address the significant risks of material misstatement, whether due to
fraud or error.
•
The auditor’s approach to internal control relevant
to the audit.
•
The application of the concept of materiality in the
context of an audit.
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Communications Between the Auditor and Those Charged
with Governance: What, When and How?
“WHAT”
Topic
Fraud
CAS reference
CAS 240
paragraphs 21,
38c)i), 40 – 42, A61
Matters to be communicated with those charged with
governance on a timely basis
Matters related to fraud, which include:
Suggested timing “WHEN”
Pre-audit Planning Performing
99
Conclusions
and reporting
99
Identified or suspected fraud (involving management, employees who have significant roles in internal
control, or others where the fraud results in a material
misstatement in the financial statements).
The auditor’s withdrawal from the engagement and the
reasons for the withdrawal (when the auditor is unable
to continue the engagement as a result of a misstatement resulting from fraud or suspected fraud).
Any other matters related to fraud that are, in the auditor’s judgment, relevant to those charged with governance responsibilities.
CAS 250
paragraphs 14, 19,
22 – 24
Matters related to non-compliance with laws and
regulations, which include:
Form of
communication
Oral or written
communication
(Due to the nature
and sensitivity of
fraud involving senior management,
or when fraud
results in a material misstatement
in the financial
statements, the
auditor reports
such matters on a
timely basis and
may consider it
necessary to also
report such matters in writing.)
Nature, timing and extent of audit procedures necessary to complete the audit in the case of
suspected fraud involving management.
Non-compliance with
laws and
regulations
“HOW”
99
99
Oral or written
communication
Suspected non-compliance with laws and
regulations.
Non-compliance with laws and regulations, other than
when it is clearly inconsequential.
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Communications Between the Auditor and Those Charged
with Governance: What, When and How?
“WHAT”
Topic
Significant
deficiencies
in internal
control
CAS reference
CAS 265
paragraphs 9, 11,
A14
Refer also to
CAS 260
paragraph A40
Matters to be communicated with those charged with
governance on a timely basis
Significant deficiencies in internal control identified
during the audit, including the following:
A description of the deficiencies and an explanation of
their potential effects.
Explanation that:
The purpose of the audit was for the auditor to express
an opinion on the financial statements;
The audit included consideration of internal control
relevant to the preparation of the financial statements
in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of internal
control; and
The matters being reported are limited to those deficiencies that the auditor has identified during the audit
and has concluded are of sufficient importance to merit
being reported to those charged with governance.
Canadian Auditing Standards Implementation — Practitioner Support
Suggested timing “WHEN”
Pre-audit Planning Performing
99
Conclusions
and reporting
99
“HOW”
Form of
communication
Written communication required
(Regardless of
the timing of the
written communication of significant deficiencies,
the auditor may
communicate
these orally in the
first instance to
management and,
when appropriate,
to those charged
with governance
to assist them
in taking timely
remedial action
to minimize the
risks of material
misstatement. Doing so, however,
does not relieve
the auditor of the
responsibility to
communicate the
significant deficiencies in writing.)
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Communications Between the Auditor and Those Charged
with Governance: What, When and How?
“WHAT”
Topic
Significant
findings from
the audit
CAS reference
CAS 260
paragraph 16a)
Refer also to
CAS 260
Appendix 2
Suggested timing “WHEN”
Matters to be communicated with those charged with
governance on a timely basis
Pre-audit Planning Performing
The auditor’s views about significant qualitative aspects of the entity’s accounting practices, including
accounting policies, accounting estimates and financial
statement disclosures. Explanation of why the auditor considers a significant accounting practice that is
acceptable under the applicable financial reporting
framework may not to be the most appropriate for the
particular circumstances of the entity.
99
Conclusions
and reporting
“HOW”
Form of
communication
99
99
Written communication if, in the
auditor’s professional judgment,
oral communication would not be
adequate.
CAS 505
paragraph 9
Unreasonable management’s refusal to allow the auditor to send a confirmation request, or the inability to
obtain relevant and reliable audit evidence from alternative audit procedures.
99
99
Written communication if, in the
auditor’s professional judgment,
oral communication would not be
adequate.
CAS 260
paragraphs 16b),
A18
Significant difficulties encountered during the audit,
such as significant delays in management providing required information, an unnecessarily brief time
within which to complete the audit, the unavailability of
expected information and restrictions imposed on the
auditor by management.
99
99
Written communication if, in the
auditor’s professional judgment,
oral communication would not be
adequate.
CAS 705
paragraphs 11, 12
Limitation to the scope of the audit imposed by management after the auditor has accepted the engagement (such limitation that the auditor considers likely
to result in the need to express a qualified opinion or to
disclaim an opinion on the financial statements).
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Communications Between the Auditor and Those Charged
with Governance: What, When and How?
“WHAT”
Topic
Significant
findings from
the audit
CAS reference
CAS 260
paragraphs
16c)i), A19
Matters to be communicated with those charged with
governance on a timely basis
Significant matters arising from the audit that were
discussed, or subject to correspondence, with management. Such matters may include:
Suggested timing “WHEN”
Pre-audit Planning Performing
99
Conclusions
and reporting
“HOW”
Form of
communication
99
Written communication if, in the
auditor’s professional judgment,
oral communication would not be
adequate.
Business conditions affecting the entity, and business
plans and strategies that may affect the risks of material misstatement.
Concerns about management’s consultations with
other accountants on accounting or auditing matters.
Discussions or correspondence in connection with the
initial or recurring appointment of the auditor regarding accounting practices, the application of auditing
standards or fees for audit or other services.
Findings from
the group
audit
CAS 260
paragraph 16c)ii)
Written representations that the auditor has requested
from management.
99
Written communication if, in the
auditor’s professional judgment,
oral communication would not be
adequate.
CAS 260
paragraphs 16d),
A20
Other matters arising from the audit that, in the auditor’s professional judgment, are significant to the
oversight of the financial reporting process (e.g., material misstatements of fact or material inconsistencies in
information accompanying the audited financial statements that have been corrected).
99
Written communication if, in the
auditor’s professional judgment,
oral communication would not be
adequate.
CAS 600
paragraphs
49c) – 49e), A66
Matters related to a group audit which include:
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Oral or written
communication
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Communications Between the Auditor and Those Charged
with Governance: What, When and How?
“WHAT”
Topic
CAS reference
Matters to be communicated with those charged with
governance on a timely basis
•
Instances where the group engagement team’s
evaluation of the work of a component auditor
gave rise to a concern about the quality of that
auditor’s work.
•
Any limitations on the group audit, for example,
where the group engagement team’s access to
information may have been restricted.
•
Fraud or suspected fraud involving group management, component management, employees who
have significant roles in group-wide controls or
others where the fraud resulted in a material misstatement of the group financial statements.
Canadian Auditing Standards Implementation — Practitioner Support
Suggested timing “WHEN”
Pre-audit Planning Performing
Conclusions
and reporting
“HOW”
Form of
communication
99
99
99
99
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Communications Between the Auditor and Those Charged
with Governance: What, When and How?
“WHAT”
Topic
CAS reference
Uncorrected
CAS 450
misstatements paragraphs 12 – 13
CAS 510
paragraph 7
CAS 705
paragraph 14
Refer also to
CAS 260
paragraph 7
Matters to be communicated with those charged with
governance on a timely basis
Suggested timing “WHEN”
Pre-audit Planning Performing
Matters related to uncorrected misstatement which
include:
“HOW”
Conclusions
and reporting
Form of
communication
99
Oral or written
communication
99
Oral or written
communication
Uncorrected misstatements2 and the effect that they,
individually or in aggregate, may have on the opinion in
the auditor’s report.
Individual material uncorrected misstatements.
The effect of uncorrected misstatements related to
prior periods on the relevant classes of transactions, account balances or disclosures, and the financial statements as a whole.
Misstatements in the opening balances that could materially affect the current period’s financial statements
(initial audit engagement).
The auditor must request that uncorrected misstatements be corrected.
(If the auditor withdraws from an engagement, as
contemplated by CAS 705 paragraph 13b)i), before
withdrawing, the auditor must communicate with those
charged with governance about any matters regarding
misstatements identified during the audit that would
have given rise to a modification of the opinion.)
Related
parties
CAS 550
paragraph 27
Significant matters arising during the audit in connection with the entity’s related parties.
99
2 Misstatements, other than those that are clearly trivial, that the auditor has accumulated during the audit and that have not been corrected by management.
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Communications Between the Auditor and Those Charged
with Governance: What, When and How?
“WHAT”
Topic
Subsequent
events
CAS reference
CAS 560
paragraphs
7b) –7 c), 10a), 13b),
14a) and 17
Refer also to CAS
560 paragraph 10
Matters to be communicated with those charged with
governance on a timely basis
Suggested timing “WHEN”
Pre-audit Planning Performing
Matters related to facts that become known to the
auditor after the date of the auditor’s report that, had
they been known to the auditor at that date, may have
caused the auditor to amend the auditor’s report.
These include:
Conclusions
and reporting
When an
auditor becomes aware
of a fact that,
had it been
known at
the date of
the auditor’s
report, may
have caused
the auditor
to amend
the auditor’s
report.
Appropriate action to be taken by the auditor if financial statements are not amended for facts that became
known to the auditor after the date of the auditor’s
report but before the date the financial statements are
issued or if an amended auditor’s report is not issued,
where necessary.
Appropriate action to be taken by the auditor to
prevent reliance on the auditor’s report for facts that
became known to the auditor after the financial statements have been issued.
“HOW”
Form of
communication
Oral or written
communication
(The auditor has no obligation to perform any audit
procedures regarding the financial statements after the
date of the auditor’s report.)
Going
concern
CAS 570
paragraph 23
Events or conditions identified that may cast significant
doubt on the entity’s ability to continue as a going concern. Such communication must include the following:
99
99
Oral or written
communication
Whether the events or conditions constitute a material
uncertainty.
Whether the use of the going concern assumption is
appropriate in the preparation of the financial statements.
The adequacy of related disclosures in the financial
statements.
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Communications Between the Auditor and Those Charged
with Governance: What, When and How?
“WHAT”
Topic
Modified
opinion
CAS reference
CAS 705
paragraphs
19a), 28
Matters to be communicated with those charged with
governance on a timely basis
Matters related to a modified opinion, which include:
Suggested timing “WHEN”
Pre-audit Planning Performing
Conclusions
and reporting
“HOW”
Form of
communication
99
99
Oral or written
communication
Material misstatement of the financial statements that
relates to the non-disclosure of information required to
be disclosed.
Proposed wording of the modification of opinion and
the circumstances that led to the expected modification.
Emphasis of
Matter and
Other Matter
paragraphs
CAS 706
paragraph 9
Expectation and proposed wording of an “emphasis of
matter” or an “other matter” paragraph in the auditor’s
report.
99
99
Oral or written
communication
Material misstatement
that affects
prior period financial
statements
CAS 710
paragraph 18
Material misstatements that affect the prior period
financial statements on which the predecessor auditor
had previously reported without modification.
99
99
Oral or written
communication
The auditor must request that the predecessor auditor
be informed. (Auditors should refer to their Rules of
Professional Conduct/Code of Ethics of Chartered Accountants for further appropriate actions to take.)
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“WHAT”
Topic
CAS reference
Other inforCAS 720
mation in
paragraphs 10,
documents
13, 16
containing audited financial
statements
Matters to be communicated with those charged with
governance on a timely basis
Matters related to other information, which is included,
either by law, regulation or custom, in a document containing audited financial statements and the auditor’s
report. These matters include:
Suggested timing “WHEN”
Pre-audit Planning Performing
99
Conclusions
and reporting
99
“HOW”
Form of
communication
Oral or written
communication
Necessary correction of a material misstatement of
fact in the other information and the auditor’s concerns
about the other information.
If the material inconsistencies (i.e., the other information contradicts information contained in the audited
financial statements) become known to the auditor:
Prior to the date of auditor’s report:
Necessary revision of the other information due to
material inconsistencies and appropriate action that
needs to be taken by the auditor (i.e., to include in the
auditor’s report an “other matter” paragraph describing
the material inconsistency, withhold the auditor’s report
or withdraw from the engagement, where withdrawal is
possible under applicable law or regulation).
Subsequent to the date of the auditor’s report:
Necessary revision of the other information due to material inconsistencies and the auditor’s concerns about
the other information.
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Resources on Communication with Those Charged with Governance
Visit the Canadian Institute of Chartered Accountants CAS website at www.cica.ca/CAS, where you will find companion resources and other resources
on communication with those charged with governance:
•
•
Companion resources:
——
FAQ for Auditors — Questions Auditors Frequently Ask When Implementing CAS Requirements Related to Communications with Those
Charged with Governance
——
Client Briefing for Auditors — The Importance of Effective Two-Way Communication Between the Auditor and the Client (i.e., Those
Charged with Governance)
Other resources:
——
CAS — Support Tool
——
Communicating Successfully with Your Stakeholders (guide)
——
Director Alert — New Canadian Auditing Standards – questions for directors to ask
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About this publication
The Canadian Institute of Chartered Accountants (CICA) through its Guidance and Support group undertakes
initiatives to support practitioners and their clients in the implementation of standards. As part of these initiatives, the CICA has created the Advisory Group on Implementation of Canadian Auditing Standards to advise
in the identification of issues related to the implementation of the Canadian Auditing Standards (CASs) and in
the development of non-authoritative implementation guidance related to these issues.
This publication has been prepared by the CICA’s Guidance and Support group staff with the advice of the
advisory group. It provides non-authoritative guidance and has not been adopted, endorsed, approved or
otherwise acted upon by the Auditing and Assurance Standards Board, any CICA board or committee, the
governing body or membership of the CICA or any provincial institute/Ordre or the organizations represented
by the advisory group members.
Auditors are expected to use professional judgment in determining whether the material in this publication is
both appropriate and relevant to the circumstances of each audit engagement. This publication is based on
the CASs as updated in May 2011.
The CICA expresses its appreciation to the members of the Advisory Group on Implementation of Canadian
Auditing Standards and to CICA staff for preparing this publication.
Advisory Group
on Implementation
of Canadian Auditing
Standards
Julie Corden, CA
Deloitte LLP
Johanna Field, CA
Grant Thornton LLP
Stacy Hammett, CA
PwC LLP
Nazia Lakhani, CA
BDO Canada LLP
Anilisa Sainani, CA
Ernst & Young LLP
Robert G. Young, FCA
KPMG LLP
Andrée Lavigne, CA
CICA
Gordon Beal, CA
Director, Guidance and Support group
The Canadian Institute of Chartered Accountants
Hélène Marcil, CA
CICA
Eric R. Turner, CA
This publication was originally published by The Canadian Institute of Chartered Accountants (CICA) in 2012. It has been reissued by the
Chartered Professional Accountants of Canada (CPA Canada) as originally published non-authoritative guidance.
CICA
CPA Canada and the authors do not accept any responsibility or liability that might occur directly or indirectly as a consequence of the use,
application or reliance on this material.
Canadian Auditing Standards Implementation — Practitioner Support
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