Auditing and Assurance Standards Board
April 30, 2012
This summary of decisions of the Auditing and Assurance Standards Board (AASB) has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on projects and other matters, which might change after further deliberations by the AASB. Decisions to publish exposure draft and Handbook material are final only after a formal voting process.
Assurance and Related Services Standards (other than CASs)
The AASB discussed issues related to its project to clarify Section 5020, Association.
Assurance Engagements on Greenhouse Gas Statements
The AASB approved Canadian Standard on Assurance Engagements (CSAE) 3410, Assurance Engagements on Greenhouse Gas Statements. CSAE 3410 will be effective for assurance reports covering periods ending on or after September 30, 2013.
Auditor’s Role and Responsibilities in the Capital Markets (7000 Series)
The AASB discussed issues related to the development of a revised standard dealing with the auditor’s consent to the use of the auditor’s report in an offering document. The revised standard would replace Section 7110, Auditor Involvement with Offering Documents of Public and Private Entities, Section 7115, Auditor Involvement with Offering Documents of Public and Private Entities – Current Legislative and Regulatory Requirements, and Assurance and Related Services Guideline AuG-30, The Auditor’s Consent and Comfort in Connection with Securities Offering Documents. The AASB expects to approve an exposure draft of the revised standard in the summer of 2012.