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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 Plans to develop material that will be included in the Handbook that takes effect December 15, 2009 - Preface to CICA Handbook – Assurance
- Discussed issues related to the proposed Handbook material.
- Other
Operations Planning - Reviewed and approved the AASB’s Operations Plan for 2009-10.
- Auditing Implications of Transition to IFRSs
- Approved the formation of a working group to identify issues related to the auditing implications of adopting the International Financial Reporting Standards (IFRSs) in Canada, and to help develop non-authoritative guidance to address these issues.
Projects Related to the Adoption of International Standards on Auditing The AASB reviewed and approved the following final Handbook material: | — | CAS 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Canadian Auditing Standards | | — | CAS 220, Quality Control for an Audit of Financial Statements and CSQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements | | — | CAS 320, Materiality in Planning and Performing an Audit | | — | CAS 450, Evaluation of Misstatements Identified during the Audit | | — | CAS 500, Audit Evidence | | — | CAS 501, Audit Evidence Regarding Specific Financial Statement Account Balances and Disclosures | | — | CAS 505, External Confirmations | | — | CAS 520, Analytical Procedures | | — | CAS 530, Auditing Sampling | | — | CAS 610, Using the Work of Internal Auditors | | — | CAS 620, Using the Work of an Auditor’s Expert | | — | CAS 705, Modifications to Auditor’s Report in the Independent Auditor’s Report | | — | CAS 706, Emphasis of Matters and Other Matter(s) Paragraphs in the Independent Auditor’s Report | | — | CAS 710, Comparative Information — Corresponding Figures and Comparative Financial Statements |
AASB discussed issues relating to proposed Canadian modifications to the following ISAs: | — | ISA 700, The Independent Auditor’s Report on General Purpose Financial Statements | | — | ISA 800, CAS 800, Special Considerations — Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks | | — | ISA 805, Special Considerations — Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement | | — | ISA 810, Engagements to Report on Summary Financial Statements |
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