Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents

Current Status Next Steps

Exposure draft being developed.

First half of 2018 – Exposure draft to be approved.

OBJECTIVE AND SCOPE OF THIS PROJECT

The objective of this project is to develop authoritative material to replace Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents.

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The project will explore:

  • the scope of Section 7500;
  • the auditor’s responsibilities when providing consent;
  • the format of the auditor’s consent; and
  • the location of the authoritative material within the Handbook.

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PROJECT NEWS & DECISION SUMMARIES

AASB Decision Summary – January 25-26, 2018
The Board reviewed a preliminary draft of revised Section 7170, Auditor's Consent to the Use of the Auditor's Report Included in a Business Acquisition Report, which is being amended to include certain material from Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents.

The Board directed the Securities Regulation Advisory Group working on this project to perform further research on whether interim review engagement reports and auditor’s consents should be required to be provided in writing in all cases. The Board will continue to discuss these and other issues at future meetings.

AASB Decision Summary – December 4-5, 2017
The Board discussed the Securities Regulations Advisory Group’s proposed changes to expand the scope of Section 7170, Auditor's Consent to the Use of the Auditor's Report Included in a Business Acquisition Report, to include material from Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents. The Board reviewed a preliminary draft of the standard, including:

  • the scope of the standard;
  • proposed changes to the auditor’s work effort on performing interim review procedures to identify intervening period events;
  • which terms should be defined to enhance the clarity of the standard; and
  • potential illustrative reports.

AASB Decision Summary – September 14-15, 2017
The Board reviewed the Securities Regulations Advisory Group’s (SRAG) proposal to revise Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents, by expanding the scope of Section 7170, Auditor’s Consent to the Use of the Auditor’s Report Included in a Business Acquisition Report. The AASB agreed with the SRAG’s proposed approach, including the proposed scope of documents addressed by the expanded Section 7170.

AASB Decision Summary – June 12-13, 2017
The Board unanimously approved a project proposal to revise Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents. The Board discussed the project scope and determined it should be limited to documents filed with securities regulators.

 

Disclaimer: This project summary 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 Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.