Auditing and Assurance Standards Board

WHAT'S NEW

AASB Decision Summary – July 10, 2018
July 23, 2018.The Board discussed Auditor Reporting and Identifying and Assessing the Risks of Material Misstatement. Also discussed was the approach to input on the AcSB’s Draft Framework for Performance Measures and survey on the IAASB’s future strategy.

Approved! Exposure Draft of a Proposed New Standard on Compilation Engagements
July 23, 2018. The AASB unanimously approved an exposure draft of a proposed new standard on compilation engagements to replace Section 9200, Compilation Engagements. Set to be issued September 4, 2018, comments will be due November 30, 2018. To support you in providing feedback, we are doing extensive outreach and will be issuing numerous plain language resources. Stay tuned for more!

Approved! Exposure Draft of a Proposed Revised Standard on Identifying and Assessing the Risks of Material Misstatement
July 23, 2018. The AASB unanimously approved a Canadian exposure draft of revised CAS 315. The exposure draft is based on the IAASB’s exposure draft of proposed changes to ISA 315, with no proposed Canadian amendments. Set to be issued September 7, 2018, comments will be due November 2, 2018. To support you in providing feedback, we are doing extensive outreach and will be issuing numerous plain language resources. Stay tuned for more!

Call for New Chair – Auditing and Assurance Standards Oversight Council seeks a dynamic leader
July 19, 2018. AASOC is looking for an exceptional individual to serve as its next Chair, for an initial term of three years. This is a volunteer position requiring approximately 150 hours annually. Apply by September 10, 2018!

IAASB Exposure Draft – Identifying and Assessing the Risks of Material Misstatement (Proposed amendments to ISA 315)
July 17, 2018. The International Auditing and Assurance Standards Board (IAASB) issued an Exposure Draft proposing changes to ISA 315 that could drive more consistent and effective identification and assessment of the risks of material misstatement. Stakeholders are invited to comment by November 2, 2018.

AASB Meeting Agenda – July 10, 2018
July 4, 2018.The Board is having a conference call to discuss Auditor Reporting and Identifying Risks of Material Misstatement. Also, to be discussed is a draft response to the survey on the IAASB's Future Strategy and its approach to input on the Draft Framework for Reporting on Performance Measures issued by the Accounting Standards Board.

Basis for Conclusions – Preface to the CPA Canada Handbook - Assurance
July 3, 2018. This is a summary of the process followed in reviewing the amendment criteria used by the Board when adopting ISQCs as CSQCs, ISAs as CASs, and ISAEs as CSAEs.

AASB approves Assurance and Related Services Guideline (AuG) 49
June 29, 2018. The Board unanimously approved new AuG-49 and the related consequential amendments to CSRS 4460. The new guideline will be effective for reports dated on or after April 1, 2019, with early application permitted. The guideline is expected to be in September 2018 Handbook update.

CPA Canada and AASB Roundtable Discussions – Providing Assurance over Key Performance Indicators (KPIs)
June 29, 2018. The Accounting Standards Board’s recent release of the Draft Framework for Reporting Performance Measures and the upcoming release of the CSA Rule over KPIs need auditor feedback. CPA Canada and AASB staff are seeking participants for roundtable discussions focused on this topic, taking place in August and October 2018. Register today!

AASB Decision Summary – June 11-12, 2018
June 27, 2018. The Board discussed several topics, including Auditor Reporting, Auditing Accounting Estimates, Quality Control and Compilation Engagements, among others. Other initiatives discussed include challenges faced by practitioners in audits of small and medium-sized entities, and more.

AASB Meeting Agenda – June 11-12, 2018
June 1, 2018. The Board will discuss several topics during this two-day meeting, including Auditing Accounting Estimates, Auditor Reporting, Identifying and Assessing the Risks of Material Misstatement, Quality Control, Compilation Engagements, and Reporting on Controls at a Service Organization.

AASB Decision Summary – May 3, 2018
May 14, 2018. The Board discussed a number of topics during its recent conference call, including Auditor Reporting, Quality Control, Agreed-upon Procedures, and Public Sector Auditing Standards. 

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