Page 10 - Auditing and Assurance Standards Board Annual Report 2014-2015
P. 10
8 AASB Annual Report 2014-2015

Goal B: Maintain a strong Canadian standard-setting capability to respond to
the needs of Canadian stakeholders for standards

The AASB’s standard- Receive AASOC’s Objective achieved
setting due process confirmation that due
results in standards process was followed • AASOC confirmed that the AASB followed due process in
that are in the public prior to issuing all final issuing:
interest. standards. –– Section 7060, Auditor Review of Interim Financial
–– Section 7170, Auditor’s Consent to the Use of the Auditor’s
Report Included in a Business Acquisition Report
–– CSAE 3000, Attestation Engagements Other than Audits
or Reviews of Historical Financial Information
–– CSAE 3001, Direct Engagements

Stakeholders are The website is Objective achieved
informed about, updated according
and have sufficient to agreed process • All deadlines for website updates were met.
opportunity to guidelines.
contribute to, the • Document response periods for Canadian-only exposure
standard- setting Document response drafts were as follows:
process. periods – ordinarily at –– Attestation and Direct Engagements – 133 days
least 90 days. –– Joint Policy Statement – 130 days
–– Association – 123 days
–– Section 7170 – 99 days

• Document response periods for exposure drafts based on
the IAASB’s exposure drafts are typically shorter in order
to meet the IAASB’s deadlines. During the year, response
periods were as follows:
–– Addressing Disclosures in the Audit of Financial
Statement – 67 days
–– The Auditor’s Responsibilities Relating to Other
Information – 42 days
–– Reporting on Audited Financial Statements: Special
Considerations – 29 days
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