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Status: Canadian Auditing Standard (CAS 230) 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 audit documentation for an audit of financial statements with the equivalent International Standard on Auditing (ISA). Scope This project proposes to replace Section 5145, Documentation, with a new Canadian Auditing Standard (CAS) that essentially adopts the clarified International Standard on Auditing 230, Audit Documentation (ISA 230), 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 230 — i.e., Canadian Auditing Standard 230, Audit Documentation (CAS 230). Background The AASB’s intention to replace Section 5145 with clarified ISA 230, 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 230. 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 230, the IAASB is seeking to redraft existing ISA 230 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. Further Information Staff contact: Eric Turner, CA
Telephone no.: +1 (416) 204 3240
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