The Canadian CSAE 3416 Audit Assurance Engagement
The CSAE 3416 report (formerly CICA 5970) provides your customers with assurance your service business is maintaining effective and efficient internal controls related to financial, information, or security reporting. This report is for Canadian organizations or those with Canadian customers, and is issued under Canadian Institute of Chartered Accountants (CICA), Canadian Standard on Assurance Engagements (CSAE) 3416. This examination is the Canadian equivalent of the AICPA SSAE 16 audit compliance standards.
The certified public accountants and IT experts at Auditwerx have in-depth knowledge of U.S., Canadian, and International attestation standards. Auditwerx can provide you with all three compliance reports within the same engagement.
New Auditing Standards
For reporting period ending on or after December 15, 2011 as issued by the CICA.
For service organizations doing business in Canada.
|Old Standard||New Auditing Standard||Subject Matter||Determining Type 1 or 2||Users||Contents|
|Auditor’s Report on Controls at a Service Organization, Section 5970 (CICA 5970)||Canadian Standard on Assurance Engagements (CSAE) 3416||Controls at a service organization (Entity to which services are outsourced) relevant to user entities’ internal control over financial reporting||Type 1- Does not include tests of operating effectiveness of controls and is as of a specific date. Type 2- Includes tests of operating effectiveness of controls and is for a period of time.||
||CPA opinion on whether:
Summary of Changes between CICA 5970 Standard and CSAE 3416 Standard:
- Requires written assertion about controls and processes from management
- Provides assertion for a period of time rather than for a single point in time
- Disallows auditor to use evidence obtained in prior engagements
- Requires disclosure of reliance on the work of an internal audit
Why You Need a CSAE 3416 Report
The CSAE 3416 report is intended for Canadian service businesses that process financial transactions for customers, as well as for those service businesses that have technology and informational internal controls that may be relevant to their customer’s security and financial statements
Auditwerx specialists are experts in delivering SSAE 16 SOC, CSAE 3416 and ISAE 3402 examinations and reports. We work with you to deliver validation assurance that your internal controls are well designed and effective for service organizations doing business in Canada or the U.S.
Call Auditwerx at 866-446-4038 to speak with one of our auditors and learn more about CSAE 3416 and Canadian auditing standards.