Canadian Auditing Standards (CASs)

WHAT'S NEW

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.

Basis for Conclusions – Preface to the CPA Canada Handbook - Assurance
July 3, 2018. This is a summary of the process followed in reviewing the amendment criteria used by the Board when adopting ISQCs as CSQCs, ISAs as CASs, and ISAEs as CSAEs.

CPA Canada and AASB Roundtable Discussions – Providing Assurance over Key Performance Indicators (KPIs)
June 29, 2018. The Accounting Standards Board’s recent release of the Draft Framework for Reporting Performance Measures and the upcoming release of the CSA Rule over KPIs need auditor feedback. CPA Canada and AASB staff are seeking participants for roundtable discussions focused on this topic, taking place in August and October 2018. Register today!

AASOC Response – Monitoring Group Consultation Paper, Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in the Public Interest
March 2, 2018. AASOC’s response to the Monitoring Group’s consultation paper outlines what proposals we agree with, have concerns with, and provides overall comments for the Monitoring Group’s consideration.

AASB Response – Monitoring Group Consultation Paper, Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in the Public Interest
March 2, 2018. This month, the AASB responded to the Monitoring Group’s consultation paper, which sets out options that have the potential to dramatically reform the global audit standard-setting process. Our response outlines in detail our observations on the proposals, noting both areas we support and those that should be re-examined. 

Canadian Accountant Article – Canadian Accountants Prepare for Reporting Key Audit Matters
November 13, 2017. Read this article for an update on the new information auditors will need to include in audit reports. Darrell Jensen, AASB Chair, talks key audit matters, next steps and what Canadian stakeholders had to say.

Monitoring Group Consultation Paper – Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in the Public Interest
November 13, 2017. The Monitoring Group issued a consultation paper that sets out options that have the potential to dramatically reform the global audit standard-setting process. Canadian stakeholders are encouraged to respond by February 9, 2018.

In Brief – AASB’s Launch of Field Testing on a Proposed Auditing Standard
October 26, 2017. The AASB launched a new consultation activity focused on field testing the Exposure Draft, Auditing Accounting Estimates and Related Disclosures. This provides an overview of that field testing activity.

IAASB Releases ISA 600 Project Update
October 25, 2017.The IAASB has issued an update for its project to revise ISA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). This publication highlights the issues under consideration in the revision of this standard and other current projects.

AASB Response – Auditing Accounting Estimates and Related Disclosures
August 17, 2017. The AASB has submitted a comment letter responding to the IAASB’s Exposure Draft.

Webinar – Explore AASB’s New Auditor Reporting Standard
July 26, 2017. Tune in to this free webinar on October 3, 2017 (English) to explore the AASB’s new auditor reporting standard. Hear about the factors the AASB considered when approving the standard, its key features, and how implementation is being supported.

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