Auditor’s Consent to the Use of a Report of the Auditor Included in an Offering Document

OBJECTIVE AND SCOPE OF THIS PROJECT

The AASB is considering limited amendments to Section 7150, Auditor’s Consent to the Use of a Report of the Auditor Included in an Offering Document.

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The amendments would to allow an auditor to issue to a stock exchange a consent letter similar to that provided to a securities regulator, with appropriate caveats regarding the intended use of the consent.

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PROJECT NEWS

Basis for Conclusions – Section 7150, Auditor’s Consent to the Use of a Report of the Auditor Included in an Offering Document
November 3, 2015. This document summarizes the process followed in developing amendments to this standard and the conclusions reached by the AASB.

AASB Decision Summary – September 16-18, 2015 
The AASB reviewed proposed revisions to Section 7150, Auditor’s Consent to the Use of a Report of the Auditor Included in an Offering Document. No formal written responses were received to the related Exposure Draft issued in March 2015.

The AASB unanimously approved the revised Section. The AASB concluded that changes made in finalizing the Section were not significantly different from the proposals in the Exposure Draft and, therefore, no re-exposure is necessary. The revisions will be effective for an auditor’s consent to the use of a report of the auditor in an offering document issued on or after January 1, 2016 and will be reflected in a November 2015 Handbook update.

Exposure Draft – Auditor’s Consent to the Use of a Report of the Auditor Included in an Offering Document
March 27, 2015. The AASB has issued an Exposure Draft that proposes limited amendments to Section 7150 primarily to address the requirements of stock exchanges (recognized by securities regulatory authorities in Canada) for the auditor’s consent to include certain statements. Stakeholders are encouraged to submit their comments, on the form provided, by May 1, 2015.

AASB Decision Summary – March 9-10, 2015
The AASB unanimously approved an exposure draft of proposed limited amendments to Section 7150, Auditor Consent to the Use of the Auditor’s Report Included in an Offering Document. The exposure draft is expected to be issued in March 2015.

AASB Decision Summary – February 5, 2015
The AASB discussed proposed limited amendments to Section 7150, Auditor’s Consent to the Use of a Report of the Auditor Included in an Offering Document. These amendments, in addition to a small number of clarifying amendments, would allow an auditor to issue to a stock exchange a consent letter similar to that provided to a securities regulator, with appropriate caveats regarding the intended use of the consent.  

At its March 2015 meeting, the AASB will discuss the remaining issues related to Section 7150, with a goal of approving an exposure draft.

 

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.