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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. |
Framework for Assurance Engagements The AASB reviewed and approved the project proposal to adopt the International Framework for Assurance Engagements. This framework will define and describe the elements and objectives of an assurance engagement. Standards for Assurance Engagements and Topic-Specific Assurance Standards The AASB reviewed and approved project proposals to revise the standards for assurance engagements and the topic-specific assurance standards dealing with quality control, use of experts and use of internal audit. The AASB also discussed issues related to the IAASB’s project to revise International Standard on Assurance Engagement (ISAE) 3000, Assurance Engagements Other Than Audits or Reviews of Historical Financial Information. Review Engagement Standards The AASB reviewed and approved a project proposal to revise the review engagement standards including: Section 8100, General Review Standards, Section 8200, Public Accountant’s Review of Financial Statements, and Section 8500, Reviews of Financial Information Other Than Financial Statements. In undertaking this project, the AASB will consider whether it is appropriate to adopt the IAASB’s revised ISAE 2400, Engagements to Review Financial Statements, which the IAASB is currently in the process of developing. The AASB discussed issues related to the IAASB’s ISAE 2400 project. Compilations The AASB discussed issues related to the IAASB’s project to revise International Standard on Related Services (ISRS) 4410, Engagements to Compile Financial Statements, and the approach to be taken in updating Canadian standards for compilation engagements. Assurance Engagement Standard re Assurance on a Greenhouse Gas Statement The AASB discussed issues related to the IAASB’s project to develop new ISAE 3410, Assurance on a Greenhouse Gas Statement. The AASB also discussed its approach to developing a Canadian assurance standard on carbon emissions information. Assurance Reports on Controls at a Third Party Service Organization The AASB discussed issues related to the IAASB’s project to develop new ISAE 3402, Assurance Reports on Controls at a Third Party Service Organization, and the AICPA Auditing Standards Board’s project to develop a Statement on Standards for Assurance Engagements (SSAE), Reporting on Controls at a Service Organization. The AASB also discussed its approach to revising Section 5970, Auditor’s Report on Controls at a Service Organization. Glossary of Terms for CASs The AASB discussed issues related to including a Glossary of Terms for Canadian Auditing Standards in the CICA Handbook – Assurance. The Canadian glossary will contain the terms and definitions related to auditing standards that are set out in the IAASB’s Glossary of Terms. Other IAASB Projects The AASB discussed issues related to the following matters to be discussed by the IAASB at its June 2009 meeting:
— Impact assessments
— Implementation monitoring
— Rapid response
— Fair value guidance project proposal AASB Operations Planning 2009-2010 The AASB discussed detailed work activities related to its 2009-2010 Operations Plan. AASB Strategic Planning The AASB discussed its approach to updating its strategic plan. Small and Medium-sized Practice (SMP) Committee The AASB discussed issues related to the possible formation of an SMP committee. Joint Policy Statement — Communications with Law Firms The AASB reviewed draft terms of reference for the joint task force of the AASB and Canadian Bar Association being formed to update their Joint Policy Statement. |
