Auditing and Assurance Standards Board
Agenda for October 16-18, 2017

The topics the Auditing and Assurance Standards Board (AASB) plans to discuss, and anticipated actions, if any, are outlined below. Although current at the date prepared (September 29, 2017), this agenda is subject to change. More information regarding projects of the International Auditing and Assurance Standards Board (IAASB) is available at www.ifac.org/.

Canadian Auditing Standards (CASs)

Auditing Accounting Estimates

  • Discuss issues related to the IAASB’s project to revise ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures.

Auditor Reporting

  • Discuss issues related to auditor reporting.

Identifying and Assessing the Risks of Material Misstatement

  • Discuss issues related to the IAASB’s project to amend ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment.

Assurance and Related Services Standards (other than CASs)

Agreed-upon Procedures

  • Approve a project proposal to adopt ISRS 4400, Engagements to Perform Agreed-upon Procedures Regarding Financial Information, as Canadian Standard on Related Services (CSRS) 4400.

Compilation Engagements

  • Discuss issues related to the AASB’s project to revise standards for Compilation Engagements.

Special Reports – Assurance on Compliance with Agreements, Statutes and Regulations

  • Discuss issues raised by Canadian stakeholders on the AASB’s Re-exposure Draft of proposed CSAE 3530, Special Considerations — Attestation Engagements to Report on Compliance, and CSAE 3531, Special Considerations — Direct Engagements to Report on Compliance.

AASB Planning

  • Conduct outreach sessions with Canadian stakeholders from the following groups:
    • audit committee members;
    • investors;
    • financial statement preparers; and
    • practitioners from small and medium-sized practices.
  • Receive a mid-term update on the 2016-2021 Strategic Plan and discuss progress updates on various strategic projects, including: 
    • amendment criteria;
    • communications;
    • post-implementation reviews;
    • responding to current and future developments;
    • scalability; and
    • understanding implementation issues.
  • Receive a presentation from CPA British Columbia.
  • Review the mid-year progress on the 2017-2018 Operating Plan.