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In August 2020, the Auditing and Assurance Standards Board (AASB) issued the new standard CSRS 4400, Agreed-Upon Procedures Engagements, to the CPA Canada Handbook – Assurance. The standard was developed to update Section 9100 Reports on the Results of Applying Specified Auditing Procedures to Financial Information Other than Financial Statements and to align Canadian standards with International Standard on Related Services (ISRS) 4400.
CSRS 4400 will be effective for agreed-upon procedures engagements for which the terms of engagement are agreed on or after January 1, 2022. Early application is permitted.
This standard applies to the performance of agreed-upon procedures engagements on financial or non-financial subject matters. CSRS 4400 will replace:
CSRS 4400 outlines the practitioner’s responsibilities when engaged to perform an agreed-upon procedures engagement and the form and content of the agreed-upon procedures report.
CSRS 4400 is more detailed in terms of requirements and application material compared to the replaced standards. The standard sets out requirements relating to:
The objectives of the practitioner when performing a CSRS 4400 engagement are to:
In conducting an agreed-upon procedures engagement, the practitioner does not express an assurance opinion or an assurance conclusion in any form. Rather, the users of the agreed-upon procedures report consider the findings based on the procedures performed and draw their own conclusions.
The full history of this AASB project can be accessed here. The Basis for Conclusions that summarizes the AASB’s key considerations in reaching its conclusions on this project can be accessed here.
CPA Canada recently released a blog post and alert highlighting some of the changes in the new standard.
For more information on the financial reporting library, contact a local MNP Assurance Professional, or Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of September 30, 2020. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2020. All rights reserved.
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