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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 Handbook that takes effect for periods ending on or after December 14, 2010 Preface to CICA Handbook – Assurance
The AASB discussed issues related to finalizing the Preface. Other Comparison of Section 5030 and CSQC1
The AASB discussed differences between Section 5030, Quality Control Procedures for Assurance Engagements, and CAS 220, Quality Control for an Audit of Financial Statements, and related inconsistencies between Section 5030 and CSQC1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements. Possible actions to address these inconsistencies were also discussed. Projects Related to the Adoption of International Standards on Auditing The AASB approved a re-exposure draft of CAS 210, “Agreeing the Terms of Audit Engagements.” It was decided that stakeholders will be asked to provide input on only two specific issues related to CAS 210. It is expected this re-exposure draft will be issued in late February with a response deadline of April 15, 2009. |