Why is the Handbook divided into “Parts”?
The CICA Handbook – Assurance (Handbook) consists of two parts, with each part containing assurance standards applicable to certain engagements: • Part I contains Canadian Auditing Standards (CASs) which are effective for audits of financial statements for periods ending on or after December 14, 2010; • Part II contains Canadian Assurance Recommendations and Assurance and Related Services Guidelines (GAAS in effect before the issuance of the CASs) which are effective for audits of financial statements relating to periods ending before December 14, 2010. Auditors will likely use both sets of standards until all engagements for financial statement periods prior to December 14, 2010 are completed.
