Canadian Auditing Standards (CASs)

WHAT'S NEW

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.

Final Standards – Reporting on Audited Financial Statements
January 20, 2015 – The IAASB has issued its new and revised Auditor Reporting standards, which are designed to significantly enhance auditor’s reports for investors and other users of financial statements. The new and revised ISAs will be effective for audits of financial statements for periods ending on or after December 15, 2016.

AASB Response – Addressing Disclosures in the Audit of Financial Statements
October 27, 2014 – The AASB has submitted a comment letter responding to the IAASB’s Exposure Draft.

CPA Magazine Standards Speak – AASOC: An Unseen Facet of Audit Standard Setting
August 6, 2014. In this month’s column, Phil Cowperthwaite, AASOC member, explains the role of the Council in the standard-setting process. Read Phil’s thoughts on how AASOC enables the development of high-quality and relevant standards in Canada – all the while protecting the public interest.

AASB Response – ISA 720, The Auditor’s Responsibilities Relating to Other Information
July 28, 2014 – The AASB has submitted a comment letter responding to the IAASB’s Exposure Draft.

AASB Exposure Draft – Addressing Disclosures in the Audit of Financial Statements
June 9, 2014.  The AASB has issued an Exposure Draft that proposes to adopt changes to certain ISAs issued by the IAASB dealing with disclosures in the audit of financial statements.  Stakeholders are encouraged to submit their comments, on the form provided, by August 15, 2014.

Roundtable Discussion – Stakeholders’ Views Needed on the IAASB’s Revised Proposals Regarding the Auditor’s Responsibilities Relating to Other Information
May 26, 2014. Register to attend a roundtable discussion in June 2014 to share your views on potentially significant changes to the scope and auditor’s responsibilities under proposed ISA 720 (Revised).

AASB Re-exposure Draft – The Auditor’s Responsibilities Relating to Other Information
May 23, 2014. The AASB has issued a Re-exposure Draft that proposes to adopt, with appropriate amendments, ISA 720 (Revised) issued by the IAASB. Canadian stakeholders are encouraged to submit their comments, on the form provided, by July 4, 2014.

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