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Status: Canadian Auditing Standard CAS 700 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 auditor’s standard report with the equivalent International Standard on Auditing (ISA). Scope This project proposes to replace Section 5400, The Auditor’s Standard Report, with a new Canadian Auditing Standard (CAS) that essentially adopts the clarified International Standard on Auditing 700, The Independent Auditor’s Report on General Purpose Financial Statements (ISA 700), 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 700 — i.e., Canadian Auditing Standard 700, The Independent Auditor’s Report on General Purpose Financial Statements (CAS 700). Background The AASB’s intention to replace Section 5400 with clarified ISA 700, 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 monitor, review and provide feedback on the IAASB agenda papers and discussions relevant to its project to revise and clarify ISA 700. 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 The IAASB is seeking to clarify the wording in ISA 700. 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 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. In developing the clarified ISA 700, the IAASB decided to rename ISA 700 as Forming an Opinion and Reporting on Financial Statements. - Matters pertaining to the clarification of ISA 700, were discussed at the following IAASB meetings:
- September 15-19, 2008
- June 16-20, 2008
- July 9-13, 2007
- February 14-16, 2007
Further Information Staff contact: Eric Turner, CA
Telephone no.: +1 (416) 204 3240
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