Canadian Auditing Standards (CASs)

WHAT'S NEW

AASB 2015-2016 Annual Report – Looking to the Future
September 8, 2016. This year’s Annual Report includes Cathy MacGregor’s final message as our Chair. Her message underlines the commitment and efforts put into developing our next strategic plan, as well as providing an overview of the past year’s accomplishments.

IAASB Discussion Paper – Supporting Credibility and Trust in Emerging Forms of External Reporting
August 31, 2016. The IAASB has released a Discussion Paper exploring factors that can enhance credibility and trust in emerging forms of external reports. The paper discusses key challenges and the type of guidance that might support these engagements. Canadian stakeholders are encouraged to provide their comments to the IAASB by December 15, 2016.

AASB Strategic Plan – 2016-2021
August 17, 2016. Read our new five-year Strategic Plan, which took effect on April 1, 2016. We will continue to set high-quality standards that meet the needs of Canadian stakeholders while focussing on increasing stakeholder engagement. A Basis for Conclusions accompanies the Strategic Plan.

IAASB Survey – Work Plan for 2017-2018
August 3, 2016 – The IAASB has issued a survey on its work plan for 2017-2018. Its purpose is to assist the IAASB in evaluating its priorities for 2017-2018 and allocating its resources in the best way possible. Canadian stakeholders are encouraged to respond to the IAASB by September 30, 2016.

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.

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