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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.

Visit our Canadian website for more information.

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.
  1. Management of Service Organization,
  2. Users of the Service Organization’s services (User Entities) and the
  3. User entities’ financial statement auditors
CPA opinion on whether:

  1. Management’s description of the Service Organization’s system is fairly presented
  2. Controls included in description are suitably designed to achieve specified control objectives
  3. The controls included in the description are operating effectively

Summary of Changes between CICA 5970 Standard and CSAE 3416 Standard:

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.