|
Status: Canadian Auditing Standard (CAS 600) approved.
Objective of this Project
Scope
Background
Issues
IAASB Discussions to Date
Further Information Objective of this Project The objective of this project is to replace existing Canadian standards and guidance, addressing reliance by one auditor (the primary auditor) on the report and work of another auditor (the secondary auditor) when auditing group financial statements, with the International Standard on Auditing (ISA). Scope This project proposes to replace Section 6930, Reliance on Another Auditor, with a new Canadian Auditing Standard (CAS) that essentially adopts the clarified International Standard on Auditing 600, Special Considerations ― Audits of Group Financial Statements (Including the Work of Component Auditors) (ISA 600), 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 the corresponding ISA 600 – i.e., Canadian Auditing Standard 600, Special Considerations ― Audits of Group Financial Statements (Including the Work of Component Auditors) (CAS 600). Background The AASB’s intention to adopt ISA 600 (revised and redrafted in the clarified format), 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 570. The AASB and staff also provide comments on the IAASB’s re-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 600, the IAASB is seeking to codify improved practices that have developed since ISA 600 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.
- Matters pertaining to the revision and clarification of ISA 600, Special Considerations ― Audits of Group Financial Statements (Including the Work of Component Auditors), were discussed at the following IAASB meetings:
- July 9 - 13, 2007
- April 16 - 20, 2007
- March 6 - 10, 2006
Further Information
Staff support: Chi Ho Ng,CA
Phone no.: +1 (416) 204-3443 |
