Auditing and Assurance Standards Board
Agenda for October 15-16, 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 (September 26, 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
- Approve final Handbook material for CAS 540, Auditing Accounting Estimates and Related Disclosures.
- Discuss issues related to the application of key audit matter reporting for investment funds, other listed entities and TSX venture issuers.
- Approve amendments to CAS 700, Forming an Opinion and Reporting on Financial Statements.
Identifying and Assessing the Risks of Material Misstatement
- Review and discuss comments received on the Canadian Exposure Draft of CAS 315, Identifying and Assessing the Risks of Material Misstatement.
- Discuss AASB’s draft response to the IAASB's Exposure Draft on International Standard on Auditing (ISA) 315, Identifying and Assessing the Risks of Material Misstatement.
- Discuss Canadian-specific issues related to the IAASB’s project to revise International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements.
Assurance and Related Services Standards (other than CASs)
- Approve Canadian exposure draft of Canadian Standard on Related Services (CSRS) 4400, Agreed-upon Procedures.
Auditor’s Consent to the Use of the Auditor’s Report in Connection with a Designated Documents
- Review and discuss comments received on the Exposure Draft of Section 7170, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents.
Public Sector Auditing Standards
- Discuss issues related to the Assurance and Related Services Guideline regarding performance audits in the public sector.
Reporting on Controls at a Service Organization
- Approve exposure draft of Canadian Standard on Assurance Engagements (CSAE) 3416, Reporting on Controls at a Service Organization.
- Discuss updates on AASB process improvements.
- Discuss updates on implementation issues.
- Discuss issues related to the AASB’s 2019-2020 Annual Plan.