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Status: Canadian Auditing Standards (CAS 710) 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 replace existing Canadian standards and guidance regarding comparative figures in audited financial statements with the equivalent International Standard on Auditing (ISA). Scope This project proposes to replace existing Canadian standards and guidance regarding comparative figures in audited financial statements, with a new Canadian Auditing Standard (CAS) that adopts the clarified International Standard on Auditing 710, Comparative Information — Corresponding Figures and Comparative Financial Statements (ISA 710), that is currently being developed by the International Auditing and Assurance Standards Board (IAASB). The proposed new standard would replace part of existing Section 5701, Other Reporting Matters, and Assurance and Related Services Guideline AuG-8, Auditor’s Report on Comparative Financial Statements. The AASB is considering the disposition of the remaining standards and guidance in Section 5701. The Canadian standard that will be the outcome of this project will have a number and title that are the same as ISA 710 — i.e., Canadian Auditing Standard 710, Comparative Information — Corresponding Figures and Comparative Financial Statements (CAS 710). Background The AASB’s intention to adopt the clarified ISA 710, which is currently being developed by the IAASB, is in keeping with the AASB’s decision to adopt ISAs. The AASB and staff monitor, review and provide feedback on the IAASB agenda papers and discussions relevant to its project to clarify ISA 710. 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 710, the IAASB is seeking to redraft existing ISA 710 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 710, Comparative Information — Corresponding Figures and Comparative Financial Statements, were discussed at the following IAASB meeting:
- September 15-19, 2008
- December 10-14, 2007
Further Information Staff support: Chi Ho Ng, CA
Phone no.: +1 (416) 204-3443 |
