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Adoption of International Standards on Auditing The Auditing and Assurance Standards Board (AASB) in Canada has decided to adopt as Canadian Auditing Standards (CASs) the International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB). Sections of the CICA Handbook – Assurance for which there are equivalent ISAs will be replaced by the equivalent ISA. Involvement in the Development of ISAs The AASB makes significant contribution to the development of the ISAs that it would adopt as CASs. The AASB is involved in the IAASB’s development of the ISAs. The AASB analyzes and provides comments on all material to be discussed by the IAASB. Further, staff provides support to specific IAASB Task Forces and the Director, Auditing and Assurance Standards sits on IAASB Task Forces. The AASB also provides input to the CICA’s representative member on the IAASB, if any, with respect to IAASB agenda materials. Interested parties are encouraged to visit the IAASB’s website at www.ifac.org/iaasb. |