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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 Internal Control over Financial Reporting
The AASB reviewed an Exposure Draft of a new Section, “An Audit of Internal Control over Financial Reporting that is Integrated with an Audit of Financial Statements.” This proposed new Section is based on US Auditing Standard No. 5 developed by the Public Company Accounting Oversight Board (PCAOB). The Exposure Draft will be approved by the AASB by written ballot. Projects Related to the Adoption of International Standards on Auditing The AASB discussed issues relating to the following IAASB project: | — | ISA 600, Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors) |
The AASB performed first reads of 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 210, Agreeing the Terms of Audit Engagements | | — | ISA 220, Quality Control for Audit Engagements, and ISQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements | | — | ISA 510, Initial Engagements — Opening Balances | | — | ISA 530, Audit Sampling | | — | ISA 700, The Independent Auditor’s Report on General Purpose Financial Statements |
The AASB performed first reads of 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 505, External Confirmations | | — | ISA 620, Using the Work of an Auditor’s Expert | | — | ISA 705, Modifications to the Opinion in the Independent Auditor’s Report | | — | ISA 706, Emphasis of Matter and Other Matter(s) Paragraphs 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 |
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