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Status: Canadian Auditing Standards (CAS 250) 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 about material misstatements arising from the consequences of illegal acts with the equivalent International Standard on Auditing (ISA). Scope This project proposes to replace Section 5136, Misstatements – Illegal Acts, with a new Canadian Auditing Standard (CAS) that essentially adopts the clarified International Standard on Auditing 250, The Auditor's Responsibilities Relating to Laws and Regulations in an Audit of Financial Statements (ISA 250), 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 new number and title that are the same as ISA 250 — i.e., Canadian Auditing Standard 250, The Auditor's Responsibilities Relating to Laws and Regulations in an Audit of Financial Statements (CAS 250). Background The AASB’s intention to replace Section 5136 with clarified ISA 250, 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 will monitor, review and provide feedback on the IAASB data sheets and discussions relevant to its project to clarify ISA 250. The AASB and staff will also provide comments on the IAASB’s exposure draft, and will 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 250, the IAASB is seeking to redraft existing ISA 250 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 250, The Auditor's Responsibilities Relating to Laws and Regulations in an Audit of Financial Statements (ISA 250), were discussed at the following IAASB meetings:
- March 10-14, 2008
- April 16-20, 2007
- February 13-16, 2007
Further Information Staff contact: John Catton, CA
Telephone no.: +1 (416) 204 3315 |
