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. |
7000 Series The AASB discussed matters related to determining the timing of a project to revise those Sections of the Handbook dealing with matters related to securities regulations. Section 7050, Auditor Review of Interim Financial Statements The AASB approved a conforming amendment to the sample auditor’s report in paragraph 7050.62. The AASB agreed that because of the nature of this amendment, no public exposure for comment was required. Reporting on Controls at a Service Organization The AASB reviewed and approved an exposure draft (ED) of a proposed Canadian Standard on Assurance Engagements. The ED is expected to be released in early March 2010. Communications with Law Firms The AASB discussed matters related to developing a revised Joint Policy Statement with the Canadian Bar Association. Revisions in the Short Term to Standards for Assurance Engagements The AASB discussed matters related to making revisions to Sections 5025, Standards for Assurance Engagements, 5030, Quality Control Procedures for Assurance Engagements, and other applicable standards that the AASB has identified as needing to be made in the short term. Assurance on a Greenhouse Gas Statement The AASB reviewed a preliminary response to the IAASB’s Consultation Paper. Derivative Reporting The AASB discussed a project proposal to develop a Canadian Standard on Related Services. Staff was asked to clarify certain aspects of the proposal and present it for AASB approval at its next meeting. Other AASB Strategic Plan 2010-2013 The AASB discussed matters related to the development of its new strategic plan. Opening Statement of Financial Position in a Changeover to a New Accounting Framework The AASB came to a conclusion regarding which auditing standards should apply to auditing an entity’s opening statement of financial position when that entity has changed over to a new accounting framework. The AASB’s Assurance Implications of Changeover to IFRS Task Force will reflect the AASB’s conclusion regarding this matter in its next edition of “Assurance Implications of the Changeover to IFRSs.” The AASB also came to a conclusion on matters related to when the auditor is reporting on the first set of financial statements of an entity that has changed over to a new financial reporting framework and the auditor’s report reflects the use of the corresponding figures approach (rather than the comparative financial statements approach). The AASB’s Task Force on Audit Reporting Implications of the New CASs (Canadian Auditing Standards) will reflect the AASB’s conclusions regarding this matter in a communication to be issued in the near term. Non-Authoritative International Auditing Guidance The AASB decided on an approach for the disposition in Canada of international non-authoritative auditing guidance. The AASB also decided not to adopt or adapt, in Canada, the November 2009 IAASB Staff Audit Practice Alert on External Confirmations. Change in the French Name of the AASB The AASB approved a change from “Conseil des normes de vérification et certification (CNVC)” to “Conseil des normes d’audit et de certification (CNAC)”. Monitoring IAASB Projects ISRS 4410, Compilation Engagements The AASB reviewed the status of the matters discussed at the December 2009 IAASB meeting. |