Starting in 2019, you can expect more meaningful and transparent auditor’s reports. This change comes in the wake of new and revised Canadian Auditing Standards (CASs), which seek to supplement the traditional pass/fail approach with a more in-depth explanation of how audit teams form their audit opinion. The changes will become effective for audits of historical financial statements for periods ending on or after December 15, 2018.
This article summarizes what to expect from the new auditor reporting standards. In it, we explore how the revised standards will increase auditor reporting transparency, elements of the new auditor’s report and provide a sample auditor’s report for your review.