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 | Order information
Product Number 02440
Price: Members $39.50 Non-members $45.00
Order Form
Staff contact
J. Paul-Émile Roy, CA
research.studies@cica.ca
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Executive summary
Project objective
In November 1997, the CICA Auditing Standards Board approved a proposal for a Research Report to be commissioned on the "Audits of Investment Funds." The objective would be to provide guidance to auditors and other interested parties on auditing and related matters that are pertinent to the investment funds industry. It was acknowledged that the project would focus on risk and control issues that needed to be considered and understood in the audit of an investment fund, rather than providing guidance on how to undertake such an audit, which was deemed adequately covered by the audit firms themselves.
The issues covered in this Research Report are considered in the context of a risk management process and an integrated risk/control framework that can be applied to all types of investment funds including conventional mutual funds, segregated funds, commodity pools, labour-sponsored investment fund corporations, mortgage funds and real estate funds. They are addressed not just from an audit perspective, but also from a business and a compliance perspective. The Study Group believes that, in undertaking an audit, it is important for an auditor to understand these various perspectives.
Further, an understanding of the different perspectives of boards of directors, audit committees, senior management, internal auditors, regulators, and even investors themselves is highly desirable, if not essential. It is anticipated, therefore, that this Research Report will provide a useful reference source for all parties associated with investment funds, not just auditors. Its title, Assessing Risks & Controls of Investment Funds, reflects this broader perspective.
(Study Group Chair - Paul G. Oliver, CA, PricewaterhouseCoopers LLP)
(For more information, see the article "Investment Funds: Learning to Live with Risk" by Paul G. Oliver and Paul-Émile Roy in CAmagazine, January/February 2000, page 43.)
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