Standards Library

Reference guide to audit standards, frameworks, and regulatory requirements

Showing 9 standards

Establishes overall objectives and responsibilities in an audit of financial statements.

CAS8 audit findings

General

Requires auditors to obtain an understanding of the entity and its environment to identify risks.

CAS12 audit findings

Risk Assessment

Addresses procedures to respond to assessed risks of material misstatement.

CAS9 audit findings

Procedures

Defines the nature, sufficiency, and appropriateness of audit evidence.

CAS15 audit findings

Evidence

Guidance on auditing accounting estimates including inventory valuation and fair values.

CAS7 audit findings

Specific Areas

Prescribes the accounting treatment of inventory including lower of cost or NRV.

IFRS11 audit findings

Balance Sheet

Establishes principles for revenue recognition. Must test 5-step model for completeness and accuracy.

IFRS18 audit findings

Income Statement

Canadian regulation requiring certification of controls over financial reporting.

NI6 audit findings

Regulatory

CPAB priorities for 2024 include assessment of revenue, inventory, and ICFR controls.

CPAB5 audit findings

Regulatory

CAS (Canadian Auditing Standards)

Primary standards for Canadian public company audits. Based on ISA with Canadian adaptations.

IFRS (International Financial Reporting)

Accounting framework defining how transactions and balances are recorded.

NI (National Instrument)

Canadian regulatory requirements for public companies (52-109, 52-110, etc.).

CPAB (Canadian Public Accountability Board)

Quality assurance body for Canadian audit firms and inspections.