Auditing and Assurance Standards Board
May 5, 2016
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.
Canadian Auditing Standards (CASs)
Enhancing Audit Quality
The AASB reviewed and discussed a draft response to the IAASB’s Invitation to Comment, “Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control and Group Audits.” The AASB’s response will be submitted to the IAASB by May 16, 2016.
Implementation Considerations for New Auditor Reporting Standards
The AASB discussed issues regarding the adoption of ISAs relating to auditor reporting, financial statement disclosures, and ISA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information. The AASB will continue its discussions at its June 2016 meeting.