| The summary of Auditing and Assurance Standards Board (AASB) projects has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further deliberations by the AASB. Decisions to publish Handbook material are final only after a formal voting process. |
Status: Deliberation of comments received on Invitation to Comment in progress.
Objective and Scope of this Project
Background
Issues
Activities to Date
Next Steps
Related Information
Contact Information Objective and Scope of this Project The objective of this project is to issue a strategic plan for the period April 1, 2010 to March 31, 2013. This plan would form the basis for the AASB’s activities over the three-year period. Background The AASB achieved its major objective in its Strategic Plan for the period ended March 2010 of adopting International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB) as Canadian Auditing Standards (CASs) for the audits of financial statements. The AASB must now consider its future strategic direction. Issues - Key issues that this project proposes to address include:
- What should be the AASB’s standard-setting role now that the adoption of the initial set of clarified ISAs is completed?
- What should be the AASB’s areas of focus during the next three years?
- What involvement should the AASB have, if any, in issuing implementation guidance with respect to its standards?
Activities to Date In March 2010, the AASB completed an initial draft of its strategic plan and agreed that the Chair and Vice Chair would review and approve the final draft of the plan. The strategic plan would then be exposed for public comment. In January 2010, the AASB received an update from staff on the development of the draft strategic plan. The AASB developed wording for the mission, vision, goals, objectives and performance targets for the plan. In November 2009, the AASB reviewed the results of the consultations with stakeholders that took place in October 2009. - In June 2009, the AASB approved the proposed process for developing the strategic plan, deciding that this process should include two main phases:
- Face-to-face consultation with key stakeholders to discuss questions set out in a discussion paper relating to the AASB’s future directions.
- Public exposure of a draft strategic plan and work program that would be developed based on the results of the consultation process.
Next Steps The following summarizes the AASB’s planned activities: | Meeting | Date Activity | | September 2010 | AASB to review responses to the Invitation to Comment and approve the final strategic plan. |
Related Information Contact Information Staff contact: Eric Turner, CA
Phone no.: +1 (416) 204-3240 |