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Status: Canadian Auditing Standards (CASs 800 and 805) 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 report on financial statements prepared using a basis of accounting other than GAAP, and audit reports on financial information other than financial statements, with the equivalent International Standard on Auditing (ISA). Scope This project proposes to replace Section 5600, Auditor’s Report on Financial Statements Prepared Using a Basis of Accounting Other Than GAAP, and Section 5805, Special Reports — Audit Reports on Financial Information Other Than Financial Statements, with a new Canadian Auditing Standard (CAS) that essentially adopts the revised and clarified International Standard on Auditing 800, Special Considerations — Audits of Special Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement (ISA 800), 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 800 — i.e., Canadian Auditing Standard 800, Special Considerations — Audits of Special Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement (CAS 800). Background The AASB’s intention to replace Sections 5600 and 5805 with revised and clarified ISA 800, 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 revise and clarify ISA 800. 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 revising and clarifying existing ISA 800, the IAASB is seeking to codify improved practices that have developed since ISA 800 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. In developing the revised and clarified ISA 800, Special Considerations — Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks (ISA 800). The IAASB also decided to develop a new ISA 805 that will have the title, Special Considerations — Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement (ISA 805). - Matters pertaining to the revision and clarification of ISAs 800 and 805 were discussed at the following IAASB meetings:
- September 15-19, 2008
- June 16-20, 2008
- July 9-13, 2007
- February 13-16, 2007
- October 25-27, 2006
- July 10-13, 2006
- May 22-26, 2006
- March 6-10, 2006
- March 7-11, 2005
- December 6-10, 2004
- September 13-17, 2004
- June 14-17, 2004
Further Information
Staff contact: Eric Turner, CA
Telephone no.: +1 (416) 204 3240 |
