Canadian Auditing Standards (CASs)

WHAT'S NEW

AASB Exposure Draft – Engagements to Report on Summary Financial Statements.
August 28, 2015. The AASB has issued an Exposure Draft that proposes to adopt revisions to ISA 810 issued by the IAASB dealing with auditor reporting on summary financial statements. Stakeholders are encouraged to submit their comments, on the form provided, by October 2, 2015.

IAASB Staff Audit Practice Alert – Responsibilities of the Engagement Partner
August 27, 2015. The IAASB has issued a Staff Audit Practice Alert that focuses on circumstances when the engagement partner is not located where the majority of the audit work is performed. This alert may be relevant for Canadian auditors conducting an audit of an entity with foreign operations.

AASB Exposure Draft – Responding to Non-compliance or Suspected Non-compliance with Laws and Regulations.
August 21, 2015. The AASB has issued an Exposure Draft that proposes to adopt limited changes to international standards necessary to resolve actual or perceived inconsistencies or to clarify key aspects of proposed revisions to the IESBA Code of Ethics. Stakeholders are encouraged to submit their comments, on the form provided, by September 30, 2015.

IAASB Exposure Draft – Engagements to Report on Summary Financial Statements
August 6, 2015 – The IAASB has issued an Exposure Draft that proposes limited amendments to ISA 810, Engagements to Report on Summary Financial Statements. Canadian stakeholders are encouraged to provide their comments to the IAASB by November 2, 2015.

IAASB Exposure Draft – Responding to Non-compliance or Suspected Non-compliance with Laws and Regulations
July 28, 2015 – The IAASB has issued an Exposure Draft that proposes changes to international standards necessary to resolve actual or perceived inconsistencies or to clarify key aspects of proposed revisions to the IESBA Code of Ethics. Canadian stakeholders are encouraged to provide their comments to the IAASB by October 21, 2015.

Final Revisions – Addressing Disclosures in the Audit of Financial Statements
July 21, 2015 – The IAASB has issued revisions to focus auditors more explicitly on disclosures throughout the audit process and drive consistency in auditor behaviour in applying the requirements of certain ISAs. The revisions are effective for audits of financial statements for periods ending on or after December 15, 2016.

Invitation to Comment – Implementation Considerations for New Auditor Reporting Standards
June 15, 2015. The AASB has issued an Invitation to Comment that seeks input on proposed effective dates and other considerations. Stakeholders are encouraged to submit their comments, on the form provided, by October 30, 2015.

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