Auditing and Assurance Standards Board

WHAT'S NEW

Final Standard – The Auditor’s Responsibilities Relating to Other Information
April 17, 2015 – The IAASB has issued ISA 720 (Revised), which addresses the auditor’s involvement with financial and non-financial information, other than the audited financial statements, included in entities’ annual reports. The revised ISA is effective for audits of financial statements for periods ending on or after December 15, 2016.

Message from the Chair – Adoption of Auditor Reporting and Other Standards
April 15, 2015. The AASB’s Chair, Cathy MacGregor, explains why the AASB plans to issue an invitation to comment and an exposure draft addressing specific proposed Canadian amendments to the international standards.

AASB Meeting Agenda – April 14, 2015
April 2, 2015. A summary of topics for discussion.

Appointments – AASOC and the AASB
April 1, 2015. AASOC is pleased to announce appointments to both AASOC and the AASB.

AASB Decision Summary – March 9-10, 2015
March 30, 2015. An executive summary of discussions and decisions with respect to the topics addressed at this meeting.

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 by May 1, 2015.

AASB Exposure Draft – Association
March 9, 2015. The AASB has issued an Exposure Draft of a proposed new standard that would replace existing Section 5020, Association. Stakeholders are encouraged to submit their comments, on the form provided, by July 10, 2015.

AASB Exposure Draft – Reporting on Audited Financial Statements: Special Considerations
March 2, 2015. The AASB has issued an Exposure Draft that proposes to adopt revisions to ISAs issued by the IAASB dealing with special considerations when reporting on audited financial statements. Stakeholders are encouraged to submit their comments, on the form provided, by March 31, 2015.

IAASB Survey – Quality Control
February 27, 2015 – The IAASB has issued an information-gathering survey on quality control. Its purpose is to identify issues encountered by small- and medium-sized practices in complying with the requirements of ISQC 1 and ISA 220. Canadian stakeholders are encouraged to respond to the IAASB by March 27, 2015.

AASB Meeting Agenda – March 9-10, 2015
February 20, 2015. A summary of topics for discussion.

AASB Decision Summary – February 5, 2015
February 11, 2015. An executive summary of discussions and decisions with respect to the topics addressed at this meeting.

AASB Decision Summary – January 19-20, 2015
January 28, 2015. An executive summary of discussions and decisions with respect to the topics addressed at this meeting.

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