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Auditing Summary
Financial Statements
STANDARD DISCUSSED
CAS 810, Engagements to Report on Summary Financial Statements
Auditing Summary
Financial Statements
STANDARD DISCUSSED
CAS 810, Engagements to Report on Summary Financial Statements
Disclaimer
This guide provides non-authoritative guidance and has not been adopted,
endorsed, approved or otherwise acted upon by the Auditing and Assurance
Standards Board, any CPA Canada board or committee, the governing body or
membership of CPA Canada or any provincial institute/Ordre. It is based on the
CASs as of February 2014. Practitioners are expected to use professional judgment in determining whether the material in this guide is both appropriate and
relevant to the circumstances of their particular engagement.
Table of Contents
Purpose and Scope of this Guide
Diagram: CAS 810 requirements discussed in this guide
1
1
Q4: How does the auditor determine if the applied criteria are acceptable? 3
Q5: What guidance can the auditor give clients on developing the applied
criteria?
Q7: When the auditor has already reported on the audited financial
statements, what additional procedures are required to complete
the engagement?
11
11
12
Engagement
Acceptance
Procedures
Questions
Ex.s
Par. 5
Par. 6(a)
Managements responsibilities
Par. 6(bc)
Nature of procedures
Par. 8
Form of opinion
Par. 911
Par. 1213
2, 4
2, 5
Par. 1419
Par. 20
Comparitives
Par. 2122
Par. 23
Par. 24
Auditor association
Par. 2526
Reporting
Other
Auditors
Responsibilities
The major subtotals and totals from the audited financial statements.
Information necessary to achieve a fair summary of the audited financial
statements.
Specification of from whom or where the audited financial statements
are available.
A description of the criteria applied in the preparation of the summary
financial statements.
Information from notes to the audited financial statements dealing with
matters having a pervasive or otherwise significant effect on the summary
financial statements, such as:
oo
going concern
oo
contingencies
oo
subsequent events
oo
significant accounting policies, judgments or estimates
oo
commitments.
CAS 810 requires that the auditor has already reported on the audited financial
statements when performing an engagement to report on the same entitys
summary financial statements. Paragraph 8 of CAS 810 requires specific
procedures to be performed, and any other procedures that the auditor may
consider necessary, as the basis for the auditors opinion on the summary
financial statements.
The required procedures are described in each bullet point in the table below,
which also provides some examples of disclosures related to the procedures.
Procedures performed should be documented so that, in accordance with
CAS230, Audit Documentation, the documentation is sufficient to enable
an experienced auditor, having no previous connection with the audit,
to understand:
(a) the nature, timing and extent of procedures performed to comply with
the CASs and applicable legal regulatory requirements;
(b) The results of the audit procedures performed, and the audit evidence
obtained; and
(c) Significant matters arising during the audit, the conclusions reached
thereon, and significant professional judgments made in reaching
those conclusions.
Procedures
Management prepared these summary financial statements using the following criteria:
(a) the summary financial statements include
a statement for each statement included
in the audited financial statements;
(b) information in the summary financial
statements agrees with the related information in the completed set of audited
financial statements;
(c) major subtotals, totals and comparative
information from the audited financial
statements are included; and
(d) the summary financial statements contain
the information from the audited financial
statements dealing with matters having a
pervasive or otherwise significant effect
on the summary financial statements.
Compare the summary financial statements with the related information in the
audited financial statements to determine
whether the summary financial statements agree with, or can be recalculated
from, the related information in the
audited financial statements.
Evaluate, in view of the purpose of the
summary financial statements, whether
the summary financial statements contain
the information necessary, and are at an
appropriate level of aggregation, so as
not to be misleading in the circumstances.
Evaluate whether the summary financial
statements are prepared in accordance
with the applied criteria.
Evaluate whether the summary financial statements adequately disclose
the applied criteria.
Procedures
Introductory Paragraph
Managements Responsibility
Auditors Responsibility
Opinion Paragraph
10
The summary financial statements do not contain all the disclosures required by
[describe financial reporting framework applied in the preparation of the audited
financial statements of ABC Company]. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements
of ABC Company.
Managements Responsibility for the Summary Financial
Statements
Management is responsible for the preparation of
a summary of the audited financial statements in
accordance with [describe established criteria];
Auditors Responsibility
Our responsibility is to express an opinion on the summary
financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard (CAS)
810, Engagements to report on summary financial statements.
Opinion
In our opinion, the summary financial statements derived from the audited financial statements of ABC Company for the year ended December
31, 20X1 are a fair summary of those financial statements,
Be sure to reference
in accordance with [describe established criteria
the applied criteria here.
Do NOT state
or refer to Note X].
Canadian GAAP!
[Auditors signature]
[Date of the auditors report]
[Auditors address]
Yes. Paragraph 14 of CAS 800 requires the auditors report on financial statements prepared in accordance with a special purpose framework to include
an Emphasis of Matter paragraph alerting users of the auditors report that
the financial statements are prepared in accordance with a special purpose
framework and that, as a result, the financial statements may not be suitable
for another purpose.
Paragraph 20 of CAS 810 also indicates that, when distribution or use of the
auditors report on the audited financial statements is restricted, or the auditors report on the audited financial statements alerts readers that the audited
financial statements are prepared in accordance with a special purpose framework, the auditor shall include a similar restriction or alert in the auditors
report on the summary financial statements.
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