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Status: Canadian Auditing Standard (CAS 530) approved. Objectives of this Project
Scope
Background
Issues
IAASB Discussions to Date
Further Information Objectives of this Project The objective of this project is to issue Canadian standards and guidance that will adopt the International Standard on Auditing (ISA) on the use of audit sampling and other means of selecting items for testing when designing audit procedures to gather audit evidence. Scope This project proposes to adopt as a Canadian Auditing Standard (CAS), the clarified International Standard on Auditing 530, Audit Sampling (ISA 530), that is currently being developed by the International Auditing and Assurance Standards Board (IAASB). The Canadian standard that will be the outcome of this project will have a number and title that are the same as ISA 530 — i.e., Canadian Auditing Standard 530, Audit Sampling, (CAS 530). Background The AASB’s intention to adopt clarified ISA 530, which is currently being developed by the IAASB, is in keeping with the AASB’s decision to adopt International Standards on Auditing (ISAs). The AASB and staff monitor, review and provide feedback on the IAASB agenda papers and discussions relevant to its project to clarify ISA 530. The AASB and staff also provide comments on the IAASB’s exposure draft, and consider whether any amendments to the ISA are needed in light of specific Canadian circumstances. Any amendments made to the ISA will be clearly highlighted and explained in the exposure draft and final Handbook material. To view the AASB’s guidelines for amending ISAs when proposing to adopt them as Canadian Auditing Standards, click here. Issues In clarifying existing ISA 530, the IAASB is seeking to redraft existing ISA 530 in the new drafting convention with minimal revisions to the existing principles and guidance. Further information on the IAASB’s project to clarify ISAs without revising them is available on the IAASB project summary. IAASB Discussions to Date Background papers that are the basis of the IAASB’s discussions, along with meeting summaries and audio recordings of the actual discussions, can be accessed on the IAASB’s website by clicking here and then on the date of the meeting at which matters pertaining to a project were discussed. - Matters pertaining to the clarification of ISA 530, Audit Sampling, were discussed at the following IAASB meetings:
- June 16-20, 2008
- March 10-14, 2008
- July 9-13, 2007
- February 13-16, 2007
Further Information
Staff contact: Chi Ho Ng, CA
Telephone no.: +1 (416) 204 3443 |
