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This summary of decisions of the Auditing and Assurance Standards Board (AASB) has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on projects, which might change after further deliberations by the AASB. Decisions to publish exposure draft and Handbook material are final only after a formal ballot process.
For more detailed information about AASB projects, please refer to the project summaries under Projects. |
Canadian-Specific Projects Preface to the Canadian Standards on Quality Control, Auditing, Review, Other Assurance and Related Services
The AASB discussed project issues and completed a first read of a Canadian Exposure Draft. Operations Planning
The AASB reviewed a draft operations plan for 2008-2009. Future CICA Handbook – Assurance
The AASB discussed issues relating to the development of the new Handbook. Projects Related to the Adoption of International Standards on Auditing The AASB discussed issues relating to the IAASB’s development of exposure drafts of the following projects: | — | ISA xxx, Communicating Deficiencies in Internal Control Noted in an Audit | | — | ISAE 3402, Assurance Reports on a Service Organization’s Controls |
- The AASB performed first reads of Exposure Drafts of proposed Canadian Auditing Standards (CASs), which are based on the IAASB Exposure Drafts that either revise and replace current Canadian Handbook Sections, or result in new standards based on the equivalent ISAs. These Exposure Drafts fall into two categories:
- The first category includes an Exposure Draft that is based on an IAASB Exposure Draft that proposes to redraft in the clarity format but not otherwise revise, the following ISA:
— | ISA 210, Agreeing the Terms of Audit Engagements |
- The second category includes Exposure Drafts that are based on IAASB Exposure Drafts that propose to both redraft in the clarity format and significantly revise the following ISAs:
| — | ISA 402, Audit Considerations Relating to an Entity Using a Third Party Service Organization | | — | ISA 505, External Confirmations | | — | ISA 620, Using the Work of an Auditor’s Expert |
The AASB discussed issues relating to the IAASB’s final approval of the following redrafted ISAs: | — | ISA 230, Audit Documentation | | — | ISA 260, Communications with Those Charged with Governance | | — | ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures | | — | ISA 580, Written Representations | | — | ISA 720, The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements |
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