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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 future handbook Operations Planning
The AASB discussed various AASB operations issues related to developing an interim version of the CICA Handbook – Assurance that will come into effect on December 15, 2009. The AASB also reviewed and discussed a first draft of its operating plan for 2009-2010. Other AASOC oversight of AASB
The AASB discussed matters related to proposed changes to the process used by AASOC to provide oversight of AASB activities. Projects Related to the Adoption of International Standards on Auditing The AASB reviewed and approved the following final Handbook material (effective for audits of financial statements for periods beginning on or after December 15, 2009): | — | CAS 250, Consideration of Laws and Regulations in an Audit of Financial Statements | | — | CAS 550, Related Parties | | — | CAS 570, Going Concern | | — | CAS 510, Initial Audit Engagements — Opening Balances |
The AASB discussed issues relating to the IAASB’s final approval of the following ISAs:
| — | ISA 210, Agreeing the Terms of Audit Engagements | | — | 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 Service Engagements | | — | ISA 501, Audit Evidence Regarding Specific Financial Statement Account Balances and Disclosures | | — | ISA 505, External Confirmations | | — | ISA 520, Analytical Procedures | | — | ISA 620, Using the Work of an Auditor’s Expert | | — | ISA 700, Independent Auditor’s Report on General Purpose Financial Statements | | — | ISA 710, Comparative Information — Corresponding Figures and Comparative Financial Statements | | — | ISA 800, Special Considerations — Audits of Special Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement | | — | 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 |
The AASB discussed issues relating to revised drafts of the following ISAs:
| — | ISA 265, Communicating Deficiencies in Internal Control | | — | ISA 402, Audit Considerations Relating to an Entity using a Third Party Service Organization |
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