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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.
Elections Finances Act (Guidelines)
| The Guidelines for Members Appointed as Auditors Under the Ontario Election Finances Act provides practical guidance for auditors reporting under the Ontario Election Finances Act on the relevant year-end or campaign period financial statements of a leadership contestant, candidate, constituency association and political party. These guidelines reflect amendments to the Act, as well as applicable changes to the CICA Handbook - Assurance in respect of the requirements of the Canadian Auditing Standards (CAS). |
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Ontario Condominium GuidelinesAccounting and Auditing Guidelines for Ontario Condominium Corporations November 2008 is a publication that updates an earlier Guidelines issued by the Institute in 2001 and incorporates not only the introduction of accounting standards for not-for-profit organizations but also recent developments and issues in the condominium industry that have come to light since the Condominium Act, 1998 has been in effect. Included are sections of the Handbook to be considered in order to comply with the risk-based auditing standards that were issued by the Auditing and Assurance Standards Board in 2005. Update Clause (b) of the definition of “eligible security” in subsection 115 (5) of the Condominium Act, 1998 was expanded in December of 2009 to include securities issued by an institution located in Ontario and insured by the Deposit Insurance Corporation of Ontario We are currently updating the guidelines to reflect the new Canadian Auditing Standards (CASs). The revised guidelines will be published shortly. |
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)
To assist federal registered electoral district associations, official agents and auditors with respect to their audit responsibilities under the Canada Elections Act, the CICA has, since 2005, published a Guide for Auditors of Registered Electoral District Associations Appointed Under the Canada Elections Act. The latest version of the Guide can be accessed from the CICA website.
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.