Conducting a Performance Audit in the Public Sector in Accordance with CSAE 3001
The Auditing and Assurance Standards Board (AASB) has issued an exposure draft of Assurance and Related Services Guideline (AuG) 50, Conducting a Performance Audit in the Public Sector in Accordance with CSAE 3001. This Guideline will replace 3 extant standards related to value-for-money audits (performance audits) in the public sector in the CPA Canada Handbook – Assurance. The AASB undertook this project to address any overlap between the extant standards and the new Canadian Standard on Assurance Engagements (CSAE) 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information, and CSAE 3001, Direct Engagements, which were issued in July 2015.
Proposed AuG-50 provides guidance for all practitioners conducting performance audits in the public sector. Many performance audits conducted in the public sector are performed by legislative auditors. However, the AASB recognizes that other practitioners may be engaged to perform these engagements. On this basis, the scope of AuG-50 has been kept broad to apply to all practitioners.
This presentation will highlight some of the key features of AuG-50.