Canadian Auditing Standards (CASs)

WHAT'S NEW

IAASB Media Release – IAASB Modernizes Auditing of Accounting Estimates in Support of Audit Quality
October 4, 2018. The International Auditing and Assurance Standards Board (IAASB) released International Standard on Auditing (ISA) 540 (Revised), its revised standard for the audit of accounting estimates and related disclosures. The new standard reflects the rapidly evolving business environment, keeping pace with the changing market. It becomes effective for financial statement audits for periods beginning on or after December 15, 2019.

AASB Meeting Agenda – October 15-16, 2018
October 3, 2018.The Board’s agenda includes Auditor Reporting, Auditing Accounting Estimates, Identifying and Assessing Risks of Material Misstatement, and more. View the agenda for full details.

In Brief Podcast — Exposure Draft of a Proposed Revised Standard on Identifying and Assessing the Risks of Material Misstatement
September 19, 2018. Listen to AASB staff give a brief explanation of this exposure draft and why Canadian stakeholders should get involved and influence the development of this standard for them.

AASB Exposure Draft – Identifying and Assessing the Risks of Material Misstatement
September 6, 2018. The AASB issued an Exposure Draft proposing the adoption of ISA 315 (Revised), with appropriate Canadian amendments, if any. Stakeholders are invited to comment until November 2, 2018.

In Brief – A plain and simple overview of the AASB’s Exposure Draft on Identifying and Assessing the Risks of Material Misstatement
August 28, 2018. The Board plans to issue an exposure draft proposing the adoption of ISA 315 (Revised), with appropriate Canadian amendments, if any. This In Brief provides an overview of that exposure draft and ways you can provide input.

Webinar – ISA 315 Exposure Draft Key Revisions Explained
August 20, 2018. Listen to this 60-minute IAASB webinar to understand how the proposed revisions to ISA 315 (Revised) aim to enhance the auditor’s procedures in identifying and assessing the risks of material misstatement, ultimately improving audit quality. Webinar available in English only.

A Focus on Stakeholder Engagement – AASB 2017-2018 Annual Report
August 15, 2018. Our relationships with Canadian stakeholders and with standard setters in other jurisdictions are key to the success of the standards we set. From a Vancouver-based Board meeting to meeting with international standard setters, stakeholder engagement continued to be a top priority for our Board in 2017-2018. Read more in our annual report.

Video Conference Discussions – Stakeholders’ Views Sought on the Proposed Revisions to CAS 315
August 3, 2018. Participate in a video conference taking place this September to provide your views on the soon-to-be-released Exposure Draft, “Identifying and Assessing the Risks of Material Misstatement”. The AASB wants your feedback!

Webinar – AASB Exposure Draft: Risks of Material Misstatement
July 26, 2018. Tune into this webinar on September 11, 2018 (English) and September 19, 2018 (French) to learn about the AASB’s planned exposure draft of revisions to CAS 315 and how you can provide input to the AASB.

In Brief – A plain and simple overview of auditing considerations related to cryptocurrencies
July 26, 2018. The rise of cryptocurrencies is increasing global interest and scrutiny by organizations, investors, regulators, governments, and others. Do you understand the implications? Read our In Brief for the AASB’s thoughts on a recently issued CPA Canada guidance paper on this topic

Approved! Exposure Draft of a Proposed Revised Standard on Identifying and Assessing the Risks of Material Misstatement
July 23, 2018. The AASB unanimously approved a Canadian exposure draft of revised CAS 315. The exposure draft is based on the IAASB’s exposure draft of proposed changes to ISA 315, with no proposed Canadian amendments. Set to be issued September 7, 2018, comments will be due November 2, 2018. To support you in providing feedback, we are doing extensive outreach and will be issuing numerous plain language resources. Stay tuned for more!

IAASB Exposure Draft – Identifying and Assessing the Risks of Material Misstatement (Proposed amendments to ISA 315)
July 17, 2018. The International Auditing and Assurance Standards Board (IAASB) issued an Exposure Draft proposing changes to ISA 315 that could drive more consistent and effective identification and assessment of the risks of material misstatement. Stakeholders are invited to comment by November 2, 2018.

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