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Status: Canadian Auditing Standard (CAS 505) 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 on the use of confirmations as a means of obtaining audit evidence with the equivalent International Standard on Auditing (ISA). Scope This project proposes to replace Section 5303, Confirmation, with a new Canadian Auditing Standard (CAS) that essentially adopts the revised and clarified International Standard on Auditing 505, External Confirmations (ISA 505), 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 505 — i.e., Canadian Auditing Standard 505, External Confirmations (CAS 505). Background The AASB’s intention to replace Section 5303 with revised and clarified ISA 505, 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 revise and clarify ISA 505. 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 revising and clarifying existing ISA 505, the IAASB is seeking to codify improved practices that have developed since ISA 505 was last revised. Further information on the IAASB’s project 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 revision and clarification of ISA 505, External Confirmations, were discussed at the following IAASB meetings:
- September 15-19, 2008
- June 16-20, 2008
- September 24-28, 2007
- July 9-13, 2007
- February 13-16, 2007
- September 18-22, 2006
- December 5-9, 2005
Further Information Staff contact: Eric Turner, CA
Telephone no.: +1 (416) 204 3240 |
