Canadian Auditing Standards govern every financial statement audit; CSRS 4200 governs compilation engagements. Revised standards on fraud and going concern apply from December 2026.
- Type
- Assurance and related services standards (CPA Canada Handbook – Assurance)
- Standard setter
- Auditing and Assurance Standards Board (AASB)
- CAS based on
- International Standards on Auditing (IAASB)
- Quality management
- CSQM 1 and CSQM 2
- CSRS 4200 replaced
- Section 9200 (Notice to Reader)
- Next big change
- CAS 240 and CAS 570, from 2026-12-15
What it is
CAS set the requirements for planning, performing and reporting on audits of financial statements. CSQM 1 and 2 set how firms manage quality. CSRS 4200 sets the requirements for compilation engagements, where the accountant helps prepare financial information without providing assurance.
Why it exists
To make sure an auditor’s opinion means the same thing whoever signs it, and that compiled statements are prepared on a clearly described basis that users understand.
Who it applies to
Public accounting firms performing audits, reviews and compilations in Canada, and the entities whose statements they audit or compile. Audits of reporting issuers are also inspected by the Canadian Public Accountability Board.
- 2010
CAS adopted, aligned with the international standards.
- 2021-12-14
CSRS 4200 applies to compilations for periods ending on or after this date, replacing Notice to Reader engagements.
- 2021-12-15
Revised CAS 315 on risk assessment, including IT general controls.
- 2022-12-15
CSQM 1, CSQM 2 and revised CAS 220 replace the previous quality control standard.
- 2023-12-15
Revised CAS 600 on group audits.
- 2024-12-15
Amendments to CAS 260 and CAS 700.
Systems and tools
- Audit methodology and file templates
- IT general controls testing under CAS 315
- Compilation report templates under CSRS 4200
Processes
- Fraud risk procedures and communications under revised CAS 240
- Going-concern assessment covering 12 months from approval of the statements
- Group audit instructions under CAS 600
Governance
- Firm risk assessment, monitoring and annual evaluation under CSQM 1
- Engagement quality review policy under CSQM 2
- Engagement letters updated for new requirements
If you do not comply
- Practice inspection findings, remediation and reinspection
- Professional discipline and conditions on a licence
- CPAB inspection findings for public-company audits
- Reputational and liability exposure for the firm
Announced and upcoming changes
- 2026-12-15Revised CAS 240 on fraud: clearer auditor responsibilities, stronger procedures and more communication with governance.
- 2026-12-15Revised CAS 570 on going concern: assessment covers at least 12 months from the date the statements are approved.
- 2027-12-15CSSA 5000 on sustainability assurance applies.
- 2028-07-01A new compilation standard for future-oriented information is expected; confirm with FRAS Canada.
Status checked 2026-10-03. Dates can move; confirm with the official sources below.