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Régie des rentes du Québec (RRQ): clarifications on the audit reports to issue

2012-06-12

Following the recent publication of Reporting Implications of the New Canadian Auditing Standards (8th edition) (the “Reporting Guide”), there is some confusion about audit reports to issue on financial statements (or financial reports) filed with the RRQ. It should be noted that the new edition of the guide has no impact on the guidance issued in March 2012 by the Committee for CAs Working with Pension Plans. The sample reports proposed then remain applicable when a financial report is prepared.

To learn more about the two options available to pension plan administrators, please refer to Appendix 3(a) of the 2011 Guide to the Annual Information Return issued by the Régie des rentes du Québec (the “AIR Guide”).

The following table summarizes the sample reports applicable to the different situations that auditors may face in practice:

Nature of the financial information prepared Pension plans affected  Approaches relating to comparative information (See CAS 710)
 

Reference to each period for which financial information is presented (comparative financial statements)

Reference to the current period only (corresponding figures)

Financial statements prepared in accordance with Canadian accounting standards for pension plans in Part IV
of the CICA Handbook – Accounting

Plans in all provinces (including plans  subject to the Supplemental Pension Plans Act (Quebec) and plans under federal jurisdiction)

See the illustrative report 2(h) in the Reporting Guide

See the illustrative report 2(i) in the Reporting Guide

Financial report prepared in accordance with the accounting framework for the preparation of a financial report mentioned in the AIR Guide

Pension plans subject to the Supplemental Pension Plans Act (Quebec)

See the illustrative report in the document entitled Pension plan financial report filed with the Régie des rentes du Québec — Auditor’s report refers to each period for which financial information is presented

See the illustrative report in the document entitled Pension plan financial report filed with the Régie des rentes du Québec Auditor’s report refers to the current period only

Pension plan fund financial statements

Plans in other provinces and those under federal jurisdiction

Transition to a new financial reporting framework –  Use illustrative report 3 (a) in the Reporting Guide as a starting point, but in the introductory and opinion paragraphs, refer to each period for which financial information is presented, and remove the comparative information paragraph

 

Other situations – Use illustrative report 3 (b) in the Reporting Guide as a starting point, but in the introductory and opinion paragraphs, refer to each period for which financial information is presented, and remove the comparative information paragraph

Transition to a new financial reporting framework – See illustrative report 3 (a) in the Reporting Guide

 

Other situations – Use illustrative report 3 (b) in the Reporting Guide as a starting point, but in the introductory and opinion paragraphs, refer to each period for which financial information is presented, and remove the comparative information paragraph

 

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