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Status: Canadian Auditing Standard (CAS 510) 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 the clarified International Standard on Auditing 510, Initial Audit Engagements — Opening Balances (ISA 510), 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 with respect to opening balances when the financial statements are audited for the first time or when the financial statements for the prior period were audited by another auditor.
The Canadian standard that will be the outcome of this project will have a number and title that are the same as ISA 510 — i.e., Canadian Auditing Standard 510, Initial Audit Engagements — Opening Balances (CAS 510). Background The AASB’s intention to adopt the clarified ISA 510, 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 510. 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 510, the IAASB is seeking to redraft existing ISA 510 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 510, Initial Audit Engagements — Opening Balances, were discussed at the following IAASB meetings:
- March 10-14, 2008
- July 9-13, 2007
Further Information
Staff support: Chi Ho Ng, CA
Phone no.: +1 (416) 204-3443 |
