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Technical Services News
The technical services area of the Institute works with Ontario government ministries and agencies through ad hoc groups or task forces to focus on accounting and auditing issues specific to the Ontario financial reporting environment.
These guideline(s) have been developed to assist members. The Institute does not warrant or represent its completeness, currency or accuracy, and takes no responsibility for the content or selection.
In March 2006, the CICA issued a Risk Alert, Responding to the Special Needs of Regulators or Funding Bodies, which explains that derivative reports may only be issued in limited circumstances (see AuG-13). We have recently heard that the Agency for Co-operative Housing (the new not-for-profit administrator of federal co-operative housing programs under contract with the CMHC in PEI, Ontario, Alberta and B.C) is requiring auditors to submit confirmations, which are a form of derivative report that does not meet the criteria of AuG-13. Auditing and Assurance Standards staff at the CICA have notified both CMHC and the Agency that auditors are not able to accept engagements to provide these confirmations, and are having ongoing discussions with them to develop engagements that fit within auditing and assurance standards. Auditors who encounter derivative reporting situations and are unsure about their reporting responsibilities may wish to call a practice advisor.
Guide for Auditors of Registered Electoral District Associations Appointed Under the Canada Elections Act (Federal)
The Guide provides guidance on the audit of a registered electoral district association, including sample consent, engagement and representation letters, and a model auditor’s report. It summarizes the accounting and reporting requirements of the Canada Elections Act related to the Financial Transactions Return and provides steps to audit some key requirements. It also addresses accounting issues of particular interest to auditors related to the Statement of Assets and Liabilities and the Statement of Revenue and Expenses (“the financial statements”) set out in Part 4 of the Financial Transactions Return.