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 and other matters, which might change after further deliberations by the AASB. Decisions to publish exposure draft and Handbook material are final only after a formal voting process.
For more detailed information about AASB projects, please refer to the project summaries under Projects. |
Consent Letters under Section 7115 The AASB discussed an issue that was raised by the securities regulators related to the disclaimer language in the regulatory consent letter under Section 7115, Auditor Involvement with Offering Documents of Public and Private Entities — Current Legislative and Regulatory Requirements. The AASB agreed that the Securities Regulations Advisory Group should look at this issue in light of the project underway to revise the 7000 series of Handbook Sections (i.e., Sections dealing with capital markets and securities regulations), recommend an appropriate course of action and report back to the AASB at a future meeting. Independence Standards The AASB received an update on the work of the Canadian CA profession’s Independence Task Force. The Chair of this Task Force reported that it has concluded that no revisions should be made at this time to independence rules applicable to specified auditing procedures engagements. Canadian Guidelines - The AASB discussed a draft of an exposure draft proposing to withdraw three Guidelines:
- AuG-19, Audit of Financial Statements Affected by Environmental Matters;
- AuG-32, Electronic Commerce — Effect on the Audit of Financial Statements; and
- AuG-39, Auditing Derivative Financial Instruments.
The AASB decided to defer issuance of this exposure draft. It will be issued at a later date in conjunction with an exposure draft being developed to clarify the status and authority of Guidelines, and auditor’s responsibilities related thereto. AASB Terms of Reference The AASB approved revisions to its Terms of Reference. The revised Terms of Reference will be presented to AASOC for approval at its next meeting. |
