|
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
Proposed New Accounting Framework for Owner-Managed Enterprises
This agenda item was deferred to the February 6-7, 2008 meeting. Projects Related to the Adoption of International Standards on Auditing The AASB approved an Exposure Draft of a proposed Canadian Auditing Standard (CAS), which is based on the IAASB Exposure Draft that proposes to redraft in clarity format, but not otherwise revise, the following ISA: | — | ISA 210, Agreeing the Terms of Audit Engagements |
The AASB approved conforming amendments to the following Canadian Exposure Drafts of proposed Canadian Auditing Standard (CAS), as a result of CAS 580, Written Representations. These conforming amendments will be identified as “related conforming amendments to other ISAs” and included as part of the Exposure Draft of ISA 210:
| — | CAS 200, Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with CASs | | — | CAS 700, The Independent Auditor’s Report on General Purpose Financial Statements |
The AASB reviewed and approved the following final Handbook material (effective for audits of financial statements for periods starting on or after December 15, 2009):
| — | CAS 230, Audit Documentation | | — | CAS 260, Communications with Those Charged with Governance |
The AASB reviewed the proposed final Handbook material of CAS 720, The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements but did not approve it. Further consideration is needed regarding a possible Canadian modification due to the amendments made to ISA 720 since its original exposure. The AASB asked its Securities Regulation Advisory Group to review the amendments made to ISA 720 and provide comments to the AASB.
|