Canadian Auditing Standards (CASs)

WHAT'S NEW

AASB Exposure Draft – Engagements to Report on Summary Financial Statements.
August 28, 2015. The AASB has issued an Exposure Draft that proposes to adopt revisions to ISA 810 issued by the IAASB dealing with auditor reporting on summary financial statements. Stakeholders are encouraged to submit their comments, on the form provided, by October 2, 2015.

IAASB Staff Audit Practice Alert – Responsibilities of the Engagement Partner
August 27, 2015. The IAASB has issued a Staff Audit Practice Alert that focuses on circumstances when the engagement partner is not located where the majority of the audit work is performed. This alert may be relevant for Canadian auditors conducting an audit of an entity with foreign operations.

AASB Exposure Draft – Responding to Non-compliance or Suspected Non-compliance with Laws and Regulations.
August 21, 2015. The AASB has issued an Exposure Draft that proposes to adopt limited changes to international standards necessary to resolve actual or perceived inconsistencies or to clarify key aspects of proposed revisions to the IESBA Code of Ethics. Stakeholders are encouraged to submit their comments, on the form provided, by September 30, 2015.

IAASB Exposure Draft – Engagements to Report on Summary Financial Statements
August 6, 2015 – The IAASB has issued an Exposure Draft that proposes limited amendments to ISA 810, Engagements to Report on Summary Financial Statements. Canadian stakeholders are encouraged to provide their comments to the IAASB by November 2, 2015.

IAASB Exposure Draft – Responding to Non-compliance or Suspected Non-compliance with Laws and Regulations
July 28, 2015 – The IAASB has issued an Exposure Draft that proposes changes to international standards necessary to resolve actual or perceived inconsistencies or to clarify key aspects of proposed revisions to the IESBA Code of Ethics. Canadian stakeholders are encouraged to provide their comments to the IAASB by October 21, 2015.

Final Revisions – Addressing Disclosures in the Audit of Financial Statements
July 21, 2015 – The IAASB has issued revisions to focus auditors more explicitly on disclosures throughout the audit process and drive consistency in auditor behaviour in applying the requirements of certain ISAs. The revisions are effective for audits of financial statements for periods ending on or after December 15, 2016.

Invitation to Comment – Implementation Considerations for New Auditor Reporting Standards
June 15, 2015. The AASB has issued an Invitation to Comment that seeks input on proposed effective dates and other considerations. Stakeholders are encouraged to submit their comments, on the form provided, by October 30, 2015.

Final Standard – The Auditor’s Responsibilities Relating to Other Information
April 17, 2015 – The IAASB has issued ISA 720 (Revised), which addresses the auditor’s involvement with financial and non-financial information, other than the audited financial statements, included in entities’ annual reports. The revised ISA is effective for audits of financial statements for periods ending on or after December 15, 2016.

Message from the Chair – Adoption of Auditor Reporting and Other Standards
April 15, 2015. The AASB’s Chair, Cathy MacGregor, explains why the AASB plans to issue an invitation to comment and an exposure draft addressing specific proposed Canadian amendments to the international standards.

AASB Exposure Draft – Reporting on Audited Financial Statements: Special Considerations
March 2, 2015. The AASB has issued an Exposure Draft that proposes to adopt revisions to ISAs issued by the IAASB dealing with special considerations when reporting on audited financial statements. Stakeholders are encouraged to submit their comments, on the form provided, by March 31, 2015.

IAASB Survey – Quality Control
February 27, 2015 – The IAASB has issued an information-gathering survey on quality control. Its purpose is to identify issues encountered by small- and medium-sized practices in complying with the requirements of ISQC 1 and ISA 220. Canadian stakeholders are encouraged to respond to the IAASB by March 27, 2015.

IAASB Exposure Draft – Reporting on Audited Financial Statements: Special Considerations
January 27, 2015. The IAASB has issued an Exposure Draft that proposes changes to ISA 800, Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805, Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement. Canadian stakeholders are encouraged to provide their comments to the IAASB by April 22, 2015.

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