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Status: Canadian Auditing Standards (CAS 200) 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 establish standards regarding the independent auditor’s overall responsibilities when conducting an audit of financial statements. Scope This project proposes to develop a new Canadian Auditing Standard (CAS) that essentially adopts the clarified International Standard on Auditing 200, Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing, (ISA 200), 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 be Canadian Auditing Standard 200, Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with Canadian Auditing Standards (CAS 200). Background The AASB’s intention to adopt revised and clarified ISA 200, 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 200. 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 200, the IAASB is seeking to codify improved practices that have developed since ISA 200 was last revised. Further information on the IAASB’s project to clarify existing ISAs without revising them is available on the IAASB project summary. IAASB Discussions to Date Background papers that are the basis of the International Auditing and Assurance Standards Board’s (IAASB) 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 International Standard on Auditing 200, Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing (ISA 200), were discussed at the following IAASB meetings:
- June 16-20, 2008
- March 10-14, 2008
- April 16-20, 2007
- December 4-8, 2006
- September 18-22, 2006
Further Information Staff contact: John Catton, CA
Telephone no.: +1 (416) 204 3315
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