CV16 engines with no spark issues are mostly unheard of except on Craftsman mowers. On Craftsman mowers it was fairly common. The issue was normally a bad equipment relay. There are typically 3 relays somewhere under the hood. One of those has most likely failed.
I don't remember whether the relay was wired into the ignition kill circuit or if it provided power to the Spark Advance Module. If it were wired to the kill circuit, it's job would be to unground the white kill wire from the Spark Advance Module. If it's wired in the power circuit, it would provide battery voltage to the Spark Advance Module.
Simply check the red wire going to the Spark Advance Module for battery voltage with the key in the on/run position and also while cranking the engine. If you have power, disconnect the white kill wire from the Spark Advance Module and see if spark comes back.
Could it be a Spark Advance Module or ignition module issue? Sure, but the failed relay was a much more common issue. And unfortunately, you can't just move the relays from one position to another. All 3 have to be working.