Auditing and Assurance Standards Board
Agenda for March 5-6, 2018

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 (February 09, 2018), 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.

Quality Control

  • Discuss issues related to the IAASB’s projects to revise ISQC 1, International Standard on Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements, and ISA 220, Quality Control for an Audit of Financial Statements.   

Assurance and Related Services Standards (other than CASs)

Agreed-upon Procedures

  • Discuss issues related to the IAASB’s project to revise ISRS 4400, Engagements to Perform Agreed-upon Procedures Regarding Financial Information.

Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents

  • Discuss issues related to revising Section 7170, Auditor’s Consent to the Use of the Auditor’s Report Included in a Business Acquisition Report, which is being amended to include certain material from Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents.
  • Approve exposure draft of revised Section 7170.


Compilation Engagements

  • Discuss issues related to the AASB’s project to revise Section 9200, Compilation Engagements.

Other AASB Projects

  • Review and approve revisions to AuG-18, Criteria for Reports Issued Under Subsection 295(5) of “an Act Respecting Trust Companies and Savings Companies” in Québec.

AASB Planning

  • Review and approve the AASB’s terms of reference.
  • Discuss issues related to the AASB’s post-implementation review project. 
  • Discuss potential improvements to AASB processes. 
  • Review the AASB’s 2017-2018 Performance Report.