Dual dating auditing

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The independent auditor should consider the effect of these matters on his opinion and he should date his report in accordance with the procedures described in paragraph .05.

However, if an event of the type requiring disclosure only (as discussed in section 560.05 and 560.08) occurs between the date of the independent auditor's original report and the date of the reissuance of such report, and if the event comes to the attention of the independent auditor, the event may be disclosed in a separate note to the financial statements captioned somewhat as follows: Event (Unaudited) Subsequent to the Date of the Independent Auditor's Report Under these circumstances, the report of the independent auditor would carry the same date used in the original report.

An independent auditor may reissue his report on financial statements contained in annual reports filed with the Securities and Exchange Commission or other regulatory agencies or in a document he submits to his client or to others that contains information in addition to the client's basic financial statements subsequent to the date of his original report on the basic financial statements.

An independent auditor may also be requested by his client to furnish additional copies of a previously issued report.

Currently, the Canadian auditor reporting standards state that auditor’s reports are only required to communicate key audit matters if law or regulation requires the auditor to do so. Securities and Exchange Commission (SEC) approved significant enhancements to PCAOB standards regarding the auditor’s report, including changing the location of the paragraphs, enhancing the description of the auditor’s responsibilities, and introducing the requirement to communicate critical audit matters (“CAMs”) and disclose auditor tenure.

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Note: If the auditor concludes that a scope limitation will prevent the auditor from obtaining the reasonable assurance necessary to express an opinion on the financial statements, then the auditor's report date is the date that the auditor has obtained sufficient appropriate evidence to support the representations in the auditor's report.

The auditor has no responsibility to make any inquiry or carry out any auditing procedures for the period after the date of his report.

The new auditor’s report also provides improved transparency regarding the scope of the auditor’s work and the roles and responsibilities of the auditor, management and those charged with governance.​​ The equivalent International Standards on Auditing require that the auditor’s reports of all listed entities include the communication of key audit matters.

This requirement has not yet been included in the Canadian Auditing Standards as the AASB is working with members of the Auditor Reporting Implications of the New Canadian Auditing Standards Task Force to deliberate how best to address the differences between the Canadian and US Public Company Oversight Accountability Board’s (PCAOB) new auditor reporting standards, including key audit matter reporting and the implications for auditor’s reports on the financial statements of dual-listed entities.

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