Auditing and Assurance Standards Board

WHAT'S NEW

AASB Decision Summary — October 15-16, 2018
November 16, 2018. The Board discussed several topics during this two-day meeting including, Auditor Reporting, Quality Control, Agreed-Upon Procedures, Reporting on Controls at a Service Organization, and Public Sector Auditing Standards.

Message from the Chair – Auditor Reporting Standards
November 14, 2018. AASB Chair, Ken Charbonneau provides an update on the Board’s recent decisions and activities on auditor reporting standards. Read his message to learn the full details.

In Brief – A plain and simple overview of the AASB’s project to revise CSAE 3416, Reporting on Controls at a Service Organization
October 19, 2018. Changes are coming to engagements to report on controls at a service organization (also known as SOC 1 engagements). Read our In Brief for a progress update on the project, including key timelines for the AASB’s upcoming exposure draft.

Discussion Session Invitation – The Barriers to Effective and Efficient Audits of Less Complex Entities
October 19, 2018. Are you a practitioner who performs audit engagements of less complex entities? The AASB and CPA Canada want to hear from you on the barriers to effective and efficient audits of such entities and how these can be addressed through the CASs, or tools and resources. The discussion session will take place on November 30, 2018. Register today!

Survey – Lenders’ Views on the New Proposed Standard on Compilation Engagements
October 9, 2018. Are you a loan officer who uses compiled financial information when granting loans or extending credit to small and mid-sized companies? If so, take this survey to provide your views a new proposed Compilation Engagement Report to replace the Notice to Reader and a new proposed requirement to disclose the basis of accounting.

CPA Canada and AASB Research Initiative — Enhancing Trust in Financial Reporting
October 5, 2018. Are you interested in exploring ways to enhance trust and credibility in information beyond traditional financial statements? CPA Canada and staff of the Audit and Assurance Standards Board are seeking auditors, audit committee members and preparers of financial information to participate in a research initiative on this topic. Sign up today!

IAASB Media Release – IAASB Modernizes Auditing of Accounting Estimates in Support of Audit Quality
October 4, 2018. The International Auditing and Assurance Standards Board (IAASB) released International Standard on Auditing (ISA) 540 (Revised), its revised standard for the audit of accounting estimates and related disclosures. The new standard reflects the rapidly evolving business environment, keeping pace with the changing market. It becomes effective for financial statement audits for periods beginning on or after December 15, 2019.

AASB Decision Summary — September 13-14, 2018
October 3, 2018. The Board discussed several topics during this two-day meeting including, Auditor Reporting, Quality Control, Agreed-Upon Procedures, Reporting on Controls at a Service Organization, and Assurance over Key Performance Indicators.

AASB Meeting Agenda – October 15-16, 2018
October 3, 2018.The Board’s agenda includes Auditor Reporting, Auditing Accounting Estimates, Identifying and Assessing Risks of Material Misstatement, and more. View the agenda for full details.

In Brief Podcast — Exposure Draft of a Proposed Revised Standard on Identifying and Assessing the Risks of Material Misstatement
September 19, 2018. Listen to AASB staff give a brief explanation of this exposure draft and why Canadian stakeholders should get involved and influence the development of this standard for them.

In Brief Podcast – AASB’s September 2018 Exposure Draft, Compilation Engagements
September 14, 2018. This Podcast provides a plain and simple overview of AASB’s Exposure Draft, Compilation Engagements.

AASB Exposure Draft – Identifying and Assessing the Risks of Material Misstatement
September 6, 2018. The AASB issued an Exposure Draft proposing the adoption of ISA 315 (Revised), with appropriate Canadian amendments, if any. Stakeholders are invited to comment until November 2, 2018.

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