6. What are the benefits of Canadian Auditing Standards for clients?

Examples of the benefits for clients include:

• Less confusion in the Canadian marketplace as to how Canadian auditing standards compare with international standards.
• CASs facilitate the performance of audits that cross international borders.
• Users can have confidence that auditors have used high-quality standards.
• The form of audit report under the CASs is consistent with that used in many jurisdictions around the world and more clearly explains the roles of management and the auditor in the preparation and audit of the financial statements.
• CASs more clearly set out the objectives and purpose of an audit and the related interactions between the auditor, management and those charged with governance.
• The use of the new clarity format in the CASs, which has made the standards more understandable, clear and capable of consistent application and will result in more consistency in audit performance by auditors.