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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 Projects to develop material that will be included in the future Handbook Development of the future CICA Handbook – Assurance
Some standards covering assurance and related services engagements contain cross-references to auditing standards. The AASB had a preliminary discussion of issues related to these cross-references that have implications for the future Handbook. Projects to develop material that will be included in the existing Handbook Auditor’s Written Consent to the Use of the Audit Report in a Continuous Disclosure Document (AuG-44)
The AASB approved, subject to written ballot, changes to AuG-44 that incorporate material that is currently contained in a Bulletin attached to that Guideline. The AASB discussed the public interest considerations regarding the proposed changes and concluded the changes are in the public interest.
Other Audit of Employee Future Benefits — Defined Benefit Plans (AuG-29) and Audit of Policy Liabilities of Insurance Enterprises (AuG-43)
The AASB discussed issues relating to not carrying forward these Guidelines to the future Handbook. Projects Related to the Adoption of International Standards on Auditing The AASB discussed issues relating to the IAASB’s final approval of the following ISAs: | — | ISA 200, Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing | | — | ISA 320, Materiality in Planning and Performing an Audit and ISA 450, Evaluation of Misstatements Identified during an Audit | | — | ISA 500, Audit Evidence | | — | ISA 530, Audit Sampling | | — | ISA 610, The Auditor’s Consideration of the Internal Audit Function | | — | ISA 700, Independent Auditor’s Report on General Purpose Financial Statements | | — | ISA 705, Modifications to Auditor’s Report | | — | ISA 706, Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in Independent Auditor’s Reports | | — | 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 discussed issues relating to revised drafts of the following ISAs:
| — | 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 505, External Confirmations | | — | ISA 620, Using the Work of an Auditor’s Expert |
The AASB reviewed and approved the following final Handbook material:
— | CAS 720, The Auditor's Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements |
The AASB discussed issues relating to IAASB’s final approval of its 2009-11 Strategy. |