Page 9 - Auditing and Assurance Standards Board Annual Report 2014-2015
P. 9
Report on Performance 7

Goal A: Set high-quality standards and guidance that meet the needs of
Canadian stakeholders

Objective Performance Status for the year ended March 31, 2015
indicator

The structure of Establish an operating Not all standards will be in the clarity format by the March
the CPA Canada plan such that the 31, 2016 deadline
Handbook – new structure will be
Assurance promotes in place by March 31, • The AASB decided in 2013-14 to defer clarification of
consistency of 2016. Section 7200, Auditor Assistance to Underwriters and
application of the Others. The AASB concluded that there was no urgent
standards, reflects need to revise this Section. The AASB reviewed all the
how they are used requirements in Section 7200 and concluded that the nature
in practice and and extent of the auditor’s work, including interaction with
supports their future underwriters, are clearly set out in the Section and continue
development. to be in the public interest. Further, the AASB is not aware of
any significant issues regarding Section 7200 that need to be
addressed in the near term.

• A proposed project to revise (or possibly withdraw)
Section 7600, Reports on the Application of Accounting
Principles, was deferred pending input received on
consultations related to the AASB’s strategic plan for 2016-
2021.

• Three projects (future-oriented financial information,
compilation engagements and performance auditing
standards) were previously on hold due to staffing shortages
resulting from staff departures and the time required to
recruit appropriate replacements. These were started near
the year end but cannot be completed by the March 31, 2016
deadline.

The AASB assists Follow the AASB’s Objective achieved
in the development established policy.
of implementation • The AASB members performed fatal flaw reviews on various
guidance that pieces of guidance prepared by CPA Canada’s Research
promotes the Guidance and Support Group.
consistent and
appropriate
application of
standards.
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