|
Status: Canadian Auditing Standard (CAS 260) 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 converge existing Canadian standards and guidance on the auditor’s communication with those having oversight responsibility for the financial reporting process when performing an audit of an entity’s financial statements with the equivalent International Standard on Auditing. Scope This project proposes to replace Section 5751, Communications with Those Having Oversight Responsibility for the Financial Reporting Process, with a new Canadian Auditing Standard (CAS) that essentially adopts the clarified International Standard on Auditing 260, Communications with Those Charged with Governance (ISA 260), 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 260 — i.e., Canadian Auditing Standard 260, Communications with Those Charged with Governance (CAS 260). Background The AASB’s intention to replace Section 5751 with clarified ISA 260, 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 260. 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 260, the IAASB is seeking to codify improved practices that have developed since ISA 260 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 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. - Matters pertaining to the revision and clarification of International Standard on Auditing 260, Communications with Those Charged with Governance (ISA 26), were discussed at the following IAASB meetings:
- September 24-28, 2007
- October 25-27, 2006
- May 22-26, 2006
- March 6-10, 2006
- December 5-9, 2005
- March 7-11, 2005
- December 6-10, 2004
- September 13-17, 2004
- April 19-22, 2004
Further Information Staff contact: Chi Ho Ng, CA
Telephone no.: +1 (416) 204 3443 |
