Standards Interpretation—Actuarial Awareness for Auditors—as at 31 December 2023

Feb-2024

Target Audience: All attest auditors

Effective date: Immediately

Prepared by: Audit Services

Description of Subject: Annual update of the Actuarial Awareness for Auditors publications noted below. This update supersedes the previous versions of these publications.

• Actuarial Awareness for Auditors—Selection of the Accounting Discount Rate (under IFRS) and guidance on other assumptions

This guidance is to assist audit teams with the audit of the determination by management of the accounting discount rate for a Canadian defined benefit pension plan that requires the calculation of the obligation using a discount rate that is determined by reference to high-quality corporate bonds (or high quality debt instruments).

The guidance also includes key actuarial assumptions for defined benefit pension or other post-employment employee benefit plans following IFRS (IAS 19) or Public Sector Accounting Standards (PS 3250 and PS 3255).

Impact on Audit Teams: This guidance is only relevant for teams auditing entities that have defined benefit post-employment benefit obligations.

Questions: Contact Jessie Foster