Audit of Third Party Regulated Activities in a Federal Election Pursuant to the Canada Elections Act
Note for practitioners:
- There are no changes in the Canada Elections Act regarding political financing since the last general election in 2019. The 4th edition of this guide is the latest version and is applicable for the 2021 federal election.
Understand what is required if you have been appointed under the Canada Elections Act (the “Act ”) reporting on the Third Party’s Expenses Return (the “Return”), otherwise known as Third Party’s Electoral Campaign Return (EC 20228), on financial reporting requirements of the Act. This Guide provides practical guidance to auditors appointed under the Canada Elections Act (the “Act ”) reporting on the Return.
The Guide is now in its third edition. Changes in this edition have been made primarily to reflect changes to the Act with respect to Bill C-50 — An Act to amend the Canada Elections Act (political financing), Bill C-76— An Act to amend the Canada Elections Act and other Acts and to make certain consequential amendments and changes to the Political Financing Handbook for Third Parties, Financial Agents and Auditors (EC 20227).
The sections relating to the audit of the Third Party’s Expenses Return contain references to Canadian Auditing Standards (CASs). This edition of the Guide has been prepared based on the CPA Canada Handbook — Assurance, updated in March 2019 and is being published in preparation for the 2019 federal election.
The Guide is broken up into the following sections and exhibits:
Sections:
Accounting Requirements
Third Party Report
Audit of the Third Party’s Expenses Return
Exhibits:
Exhibit 1: Sample Consent Letter
Exhibit 2: Sample Audit Engagement Letter
Exhibit 3: Sample Representation Letter
Exhibit 4: Suggested Audit Program
Exhibit 5: Sample Note Describing the Financial Reporting Framework Applied to the Preparation of the Third Party’s Expenses Return
Exhibit 6: Independent Auditor’s Report
ISBN: 978-1-5254-0338-5
Publication Date: September 2019
