Page 3 - Auditing and Assurance Standards Board Annual Report 2014-2015
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Message from the Chair

Having completed my first year as Chair of the Auditing and
Assurance Standards Board (AASB), I reflected on the past year
and the AASB’s many accomplishments, covering a wide variety
of subject matters, including the much-debated auditor reporting
standard. Needless to say, these matters affect a wide range of the
AASB’s stakeholders. I am confident that the AASB was successful
in balancing stakeholder needs as it debated issues and approved
final standards. The time has also come for the AASB to reassess
its strategic direction and engage stakeholders in charting a course
for the next strategic plan.

What We’ve Accomplished

Auditor Reporting
Over the past three years, auditor reporting has been the International Auditing and Assurance
Standards Board’s (IAASB) top priority. The IAASB’s goal in undertaking this project was to
enhance the relevance and usefulness of auditors’ reports and auditor reporting. In September
2014, the IAASB approved new and revised International Standards on Auditing (ISAs)
addressing auditor reporting and the auditor’s responsibilities related to other information.
The AASB continued to deliberate issues related to adopting and implementing these ISAs
in Canada – not an easy task considering the variety of views expressed by stakeholders.
The AASB will seek further input from stakeholders prior to approving final Canadian Auditing
Standards (CASs).

Umbrella Assurance Standards
After extensive consultation, the AASB approved two new umbrella assurance standards during
the year. These standards address attestation engagements (other than audits or reviews
of historical financial information) and direct engagements. I am confident that these new
standards appropriately reflect the Canadian environment in which, for example, a large
number of direct engagements are performed by public sector auditors.
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