5. What are the benefits of Canadian Auditing Standards for auditors?

Examples of the benefits of the new Canadian Auditing Standards (CASs) for auditors include:

• The new standards are presented in a new clarity format that broadly comprises the following:
  • Identifying the auditor's overall objectives when conducting an audit in accordance with the CASs
  • Setting an objective in each CAS and establishing the auditor's obligation in relation to that objective;
  • Clarifying the obligations imposed on auditors by the requirements of the CASs and the language used to communicate such requirements;
  • Eliminating any possible ambiguity about the requirements an auditor needs to fulfill; and
  • Improving the overall readability and understandability of the CASs through structural and drafting improvements.

The Auditing and Assurance Standards Board believes that the new standards are clear, understandable and capable of consistent application in conducting high-quality audits.

• CASs reflect the needs of a broad range of stakeholders, including practitioners from smaller firms and the public sector.
• CASs consist of the 36 International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board. The ISAs are increasingly being accepted as global auditing standards because of the rigour of the IAASB’s due process and the quality of the standards it produces. CASs therefore facilitate the conduct of audits that cross international boundaries.
• By avoiding duplication of work, the Canadian Auditing and Assurance Standards Board is now able to redirect resources to other important areas.
• The use by Canadian auditors of internationally accepted auditing standards promotes confidence among Canadian users of audit services about the quality of those services.

Canadian auditors are now able to benefit from the broader range of interpretive materials that are based on the ISAs.