cga independence standard

cga independence standard - Independence Standard Version...

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Unformatted text preview: Independence Standard Version 1.3 Certified General Accountants Association of Canada 100 4200 North Fraser Way Burnaby, BC Canada V5J 5K7 CGA-Canada, 2008 All rights reserved. These materials or parts thereof may not be reproduced or used in any manner without the prior written permission of the Certified General Accountants Association of Canada. First Edition, Version 1.3 Printed in Canada PRO 160/05 CGA-Canada Independence Standard Version 1.,3 October 2008 Page 1 T ABLE OF C ONTENTS Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 A Conceptual Approach to Independence . . . . . . . . . . . . . . 6 2. Framework for Assessing Independence . . . . . . . . . . . . . . . . . . . 7 Threats to Independence . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Safeguards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Guidance for Sole Proprietors and Small Firms . . . . . . . . . . 14 3. Engagement Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Reporting Issuers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 4. Application of Framework in Specific Situations . . . . . . . . . . . . . 17 5. Effective Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 Independence Standard CGA-Canada Page 2 Version 1.3, October 2008 DEFINITIONS Assurance client An entity in respect of which, a firm conducts an assurance engagement. Assurance engagement An engagement defined by the recommendations and generally accepted standards for assurance engagements contained in the CICA Handbook - Assurance. Where, pursuant to an accountability relationship between two or more parties, a practitioner is engaged to issue a written communication expressing a conclusion concerning a subject matter for which the accountable party is responsible. Assurance team a) All professional colleagues participating in the assurance engagement; b) All others within a firm who can directly influence the outcome of the assurance engagement, including: (i) those who recommend the compensation of, or who provide direct supervisory, management or other oversight of the assurance engagement partner in connection with the performance of the assurance engagement, including for the purposes of an audit engagement those at all successively senior levels above the lead engagement partner through to the firms chief executive; (ii) those who provide consultation regarding technical or industry-specific issues, transactions or events for the assurance engagement; (iii) those who provide quality control for the assurance engagement; and c) For the purpose of an audit client, all those within a network firm who can directly influence the outcome of an audit engagement....
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cga independence standard - Independence Standard Version...

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