Canadian Auditing Standards (CASs)
Basis for Conclusions – Joint Policy Statement Concerning Communications with Law Firms Regarding Claims and Possible Claims in Connection with the Preparation and Audit of Financial Statements
April 1, 2016. This document summarizes the process followed in developing this Statement and the conclusions reached by the AASB and the CBA Committee regarding significant comments received in response to its Exposure Draft.
Final Revisions – Engagements to Report on Summary Financial Statements
March 31, 2016. The IAASB has issued revised ISA 810, which leverages the additional transparency resulting from the new and revised auditor reporting standards. The revised ISA is effective for engagements to report on summary financial statements for periods ending on or after December 15, 2016.
Final Revisions – Reporting on Audited Financial Statements: Special Considerations
March 16, 2016. The IAASB has issued revised ISA 800 and ISA 805 that clarify how the new and revised auditor reporting standards apply to these ISAs. The revised ISAs are effective for audits of financial statements for periods ending on or after December 15, 2016.
IAASB Publication – Auditing Challenges Arising from the Adoption of Expected Credit Loss Models
March 16, 2016. Have you considered what audit issues may arise from the adoption of IFRS 9 Financial Instruments? The IAASB’s publication highlights how expected credit loss models will affect auditors. It also sets out initial thinking on how auditors may address these challenges under ISA 540.
AASB Invitation to Comment – Enhancing Audit Quality in the Public Interest – A Focus on Professional Skepticism, Quality Control and Group Audits
February 29, 2016. How does audit quality affect you? The AASB has issued an Invitation to Comment on the IAASB’s consultation, which explores how to enhance audit quality. Stakeholders are encouraged to submit their comments by April 15, 2016.
Bulletin – Addressing Disclosures in the Audit of Financial Statements
February 26, 2016. Addressing disclosures is an integral part of the audit. This Bulletin provides an overview of several revisions to CASs to more effectively address disclosures in the audit of financial statements.
Webinar – Canadian Amendments to ISA 720, The Auditor’s Responsibilities Relating to Other Information
December 3, 2015. Tune in to this webinar on January 12, 2016 (English) and February 2, 2016 (French) to learn about AASB’s recently issued Exposure Draft on Canadian amendments to ISA 720.
LinkedIn – Follow us!
November 27, 2015. The boards and oversight councils are already on Twitter – @frascanada.ca. Now you can follow us on LinkedIn! Stay in the know, share our news, and engage with us! We can’t wait to hear from you.
AASB Exposure Draft – The Auditor’s Responsibilities Relating to Other Information: Canadian Amendments
November 24, 2015. The AASB has issued an Exposure Draft of proposed Canadian amendments to ISA 720. Stakeholders are encouraged to submit their comments, on the form provided, by February 12, 2016.
Webinar – Looking to the Future: The AASB’s Next Strategic Plan
November 17, 2015. Tune in to this webinar on December 8, 2015 (English) and January 26, 2016 (French) to learn about the AASB’s recently issued Invitation to Comment on the AASB’s Draft Strategic Plan for 2016-2021 and how you can provide input to the AASB.
Invitation to Comment – AASB Draft Strategic Plan for 2016-2021
November 10, 2015. The AASB has issued an Invitation to Comment on its next strategic plan, which outlines the AASB’s vision, mission and strategic objectives that will guide its standard-setting activities. Stakeholders are encouraged to submit their comments, on the form provided, by February 19, 2016.
Message from the Chair – Extension of the Comment Deadline for the Auditor Reporting Invitation to Comment
November 5, 2015. The AASB’s Chair, Cathy MacGregor, explains why the AASB has extended the comment deadline for the Invitation to Comment, “Implementation Considerations for New Auditor Reporting Standards.” The new comment deadline is February 5, 2016.