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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 Section PS 5200
With the expiry of transitional provisions relating to the financial statements of local governments contained in Section PS 1150, Generally Accepted Accounting Principles, of the CICA Public Sector Accounting Handbook, to which Section PS 5200, Audit of Local Government Financial Statements, relates, the AASB has decided to withdraw Section PS 5200. Future CICA Handbook – Assurance
The AASB discussed criteria that the AASB will apply in deciding whether various standards (other than those relating to financial statement audits) and guidelines would be carried forward into the new CICA Handbook – Assurance and, if so, in what form. Rules of Professional Conduct
The AASB discussed issues relating to references to the IFAC Code of Ethics in ISAs and how these would be dealt with in related Canadian Auditing Standards being adopted from those ISAs. Communication with Actuaries
The AASB reviewed responses to the Exposure Draft and approved the proposed revisions to Section 5365, Communications with Actuaries, and the related Joint Policy Statement (JPS). Approval of the JPS is subject to endorsement by the Actuarial Standards Board of the Canadian Institute of Actuaries. Projects Related to the Adoption of International Standards on Auditing - The AASB discussed issues relating to the following IAASB projects:
- ISA 402, Audit Considerations Relating to an Entity Using a Service Organization and ISAE 3402, Assurance on a Service Organization’s Controls
- ISA 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)
- ISA 700, The Independent Auditor’s Report on a Complete Set of General Purpose Financial Statements
- ISA 705, Modifications to the Opinion in the Independent Auditor’s Report and ISA 706, Emphasis of Matter and Other Matter(s) Paragraphs in the Independent Auditor’s Report
- ISA 800, The Independent Auditor’s Report on Summary Audited 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 redraft in clarity format, but not otherwise revise, the following ISAs:
- ISA 200, Overall Objective of the Independent Auditor, and Concepts Relevant to an Audit of Financial Statements
- ISA 210, Terms of Audit Engagements
- ISA 220, Quality Control for Audits of Historical Financial Statements and ISQC 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
- ISA 250, The Auditor’s Responsibilities Relating to Laws and Regulations in an Audit of Financial Statements
- ISA 500, Audit Evidence
- ISA 620, Using the Work of an Auditor’s Expert as Audit Evidence
- The AASB reviewed comments received on its Exposure Drafts of proposed Canadian Auditing Standards:
- CAS 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
- CAS 580, Written Representations
The AASB also reviewed and provided comments on drafts of letters the AASB is sending to IAASB in response to its Exposure Drafts of ISAs 540 and 580. |
