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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 Proposed ISAE 3402, Assurance Reports on Controls at a Third Party Service Organization
The AASB will issue an Invitation to Comment to Canadian stakeholders, on the IAASB Exposure Draft of International Standard for Assurance Engagements (ISAE) 3402. The comments received will assist the AASB to assess whether this standard should be adopted for use in Canada. (Unlike International Standards on Auditing (ISAs), the AASB is not committed to adopting ISAEs). Projects Related to the Adoption of International Standards on Auditing The AASB approved 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 501, Audit Evidence Regarding Specific Financial Statement Account Balances and Disclosures | | — | ISA 520, Analytical Procedures | | — | ISA 710, Comparative Information – Corresponding Figures and Comparative Financial Statements |
The AASB approved an Exposure Draft of proposed Canadian Auditing Standard (CAS), which is based on the IAASB Exposure Draft that proposes to both redraft in the clarity format, and significantly revise the following ISA: | — | ISA 402, Audit Considerations Relating to an Entity Using a Third Party Service Organization |
The AASB approved an Exposure Draft of proposed Canadian Auditing Standard (CAS), which is based on the IAASB Exposure Draft that proposes the following new ISA: | — | ISA 265, Communicating Deficiencies in Internal Control |
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