|
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 Securities Regulation Standards
The AASB discussed matters relating to the process for developing these standards and the scope of matters on which they should focus. 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 approved Exposure Drafts of proposed Canadian Auditing Standards (CASs), which are based on the IAASB Exposure Drafts that propose to redraft in clarity format, but not otherwise revise, the following ISAs:
| — | ISA 510, Initial Audit Engagements — Opening Balances | | — | ISA 530, Audit Sampling |
The AASB approved, subject to written ballot, an Exposure Draft of a proposed Canadian Auditing Standard (CAS) and a proposed Canadian Standard on Quality Control (CSQC), which is based on the IAASB Exposure Draft that proposes to redraft in clarity format, but not otherwise revise, the following:
| — | ISA 220, Quality Control for an Audit of Financial Statements, and ISQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements |
The AASB approved Exposure Drafts of proposed Canadian Auditing Standards (CASs), which are based on the IAASB Exposure Drafts that propose to both redraft in the clarity format, and significantly revise the following ISAs:
| — | ISA 705, Modifications to the Opinion in the Independent Auditor’s Report | | — | ISA 800, Special Considerations — Audits of Special Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement | | — | ISA 805, Engagements to Report on Summary Financial Statements |
The AASB reviewed comments received on its Exposure Draft of proposed Canadian Auditing Standard 250, The Auditor’s Responsibilities Relating to Laws and Regulations in an Audit of Financial Statements. The AASB also reviewed and provided comments on a draft letter the AASB is sending to the IAASB in response to its Exposure Draft of ISA 250.
|
