new audit standards?

You  may have already noticed that your auditors are a bit more perky (chirpy?) about preparing for their 2009 audits.  What you may not know is the reason: effective December 15, 2009 your auditors are being held to a new standard - the Canadian Standards on Quality Control (”CSQC 1“).

Uhm, why do I care?

Fair enough.  This doesn’t really apply to us but it will change:

(a) the tone of your audit engagement - which may increase your fees because they are being more thorough; and (b) the “auditors note” at the beginning of your audited financials will be far more robust.

And, finally, I always believe in promoting a collaborative audit process so understanding where your auditors are coming from (e.g. why do they do the things they do?) is always a good thing.  If you want to know more check out the Canadian Audit Standards here.