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Status: Canadian Auditing Standards (CAS 570) approved. Objectives and Scope of this Project
Background
Issues
IAASB Discussions to Date
Further Information Objectives and Scope of this Project This project proposes to essentially adopt as a Canadian Auditing Standard (CAS), the clarified International Standard on Auditing 570, Going Concern (ISA 570), that is currently being developed by the International Auditing and Assurance Standards Board (IAASB). The proposed CAS and ISA deal with the auditor’s responsibility in the audit of financial statements with respect to the going concern assumption used in the preparation of the financial statements. The Canadian standard that will be the outcome of this project will have a number and title that are the same as ISA 570 — i.e., Canadian Auditing Standard 570, Going Concern (CAS 570). Background The AASB’s intention to adopt the clarified ISA 570, 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 570. 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 570, the IAASB is seeking to redraft existing ISA 570 in the new drafting convention with minimal revisions to the existing principles and guidance. 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 570, Going Concern, were discussed at the following IAASB meetings:
- March 10-14, 2008
- February 13-16, 2007
Further Information Staff support: Chi Ho Ng, CA
Phone no.: +1 (416) 204-3443 |
