AASB Annual Plan

Monitor current trends and the evolving needs of interested and affected parties through the AASB’s emerging issues monitoring process. On a semi-annual basis, review the potential impact on standards. This will include considering:

• inspection findings from the Canadian Public Accountability Board (CPAB) and the provincial Chartered Professional Accountant (CPA) bodies;
• financial reporting in emerging industries and changing business practices;
• sustainability and extended external reporting and assurance beyond the financial statements; and
• the needs of interested and affected parties for new or different services.

In executing the emerging issues monitoring process, understand, track, and assess the impact of emerging technologies on audit, assurance, and related services engagements using the AASB’s Technology Framework.

Monitor developments in sustainability disclosure standards, both in Canada with the Canadian Sustainability Standards Board, as well as internationally, and determine the AASB’s next steps in relation to the standards issued.

On an ongoing basis, seek input from interested and affected parties, and review semi-annually the impact on standards. This may include specific outreach activities with different groups, such as:

• audit, securities, and prudential regulators including CPAB, Canadian Securities Administrators, and the Office of the Superintendent of Financial Institutions;
• CPA Canada as well as provincial CPA bodies;
• legislative auditors, including the Canadian Council of Legislative Auditors;
• practitioners who audit large and/or listed entities; and
• practitioners who audit less complex entities (LCEs).

Complete an engagement-process analysis on relevant projects at key due process stages to:

• identify the interested and affected parties;
• develop a tailored outreach strategy; and
• evaluate the outcome of the outreach strategy and whether sufficient engagement was achieved.

Seek input from interested and affected parties on all documents for comment.

Documents for comment to be issued by the AASB include:

• Compilations of Future-oriented Financial Information (FOFI) Exposure Draft; and
• 2026-2029 Strategic Plan.

Documents for comment issued by the International Auditing and Assurance Standards Board (IAASB) include:

• Fraud Exposure Draft; and
• Listed Entity and Public Interest Entity Exposure Draft.

Leverage input received on international projects to inform response letters to the IAASB by the comment deadline.

Monitor the pacing of all documents for comment, adapting timing or our approach to outreach as necessary to ensure sufficient and timely feedback is obtained.

Participate in discussions with other national standard setters (NSSs) to strengthen relationships and international influence, as well as identify opportunities for collaboration. This includes:

• having periodic interactions with other NSSs; and
• attending IAASB NSS meetings.

• Explore a Canadian solution to addressing challenges auditors face in applying the Canadian Auditing Standards (CASs) to audits of LCEs, seeking views from interested and affected parties.
• Continue to provide input to the IAASB on all current International Standard on Auditing (ISA) projects on whether proposed revisions effectively deal with scalability and proportionality for an entity’s less complex elements.
• Issue an update to the Board’s previous communication, “Audits of Less Complex Entities – Our Progress Toward a Solution.”

FOFI

• Continue work on the Canadian project.
• Approve exposure draft.

*Fraud

• Provide a Canadian perspective as project continues.
• Respond to the IAASB exposure draft by comment deadline.

*Going Concern

• Provide Canadian perspective as project continues.
• Approve final standard.

 *IAASB’s Position Paper on Technology

• Provide Canadian perspective as project continues.

*Integrated Approach to Risk Response

• Provide Canadian perspective as project continues.

*Listed Entity and Public Interest Entity

• Provide Canadian perspective as project continues.
• Respond to the IAASB exposure draft by comment deadline.
• Participate in discussions with the Independence Standing Committee on joint issues.

*Sustainability Assurance

• Provide Canadian perspective as project continues.
• Approve final standard.
• Review the 7000 series standards and consider whether the standards remain fit for purpose in circumstances where prospectus offering documents may include sustainability information subject to assurance.

Develop a “Challenges with Standards Register” to log and track inspection findings and other specific issues, as well as identify and support actions (by the AASB or others) to address them.

Monitor the IAASB’s Position Paper on Technology to assess the impacts on the AASB’s Technology Framework , if any.

Monitor changes to the IAASB’s governance and operations, and assess the impacts on the AASB’s processes and influence, if any.

Monitor the Auditing and Assurance Oversight Council or its successor’s implementation of the Independent Review Committee recommendations and assess the impacts, if any, on AASB processes.

Complete an implementation risk analysis on all standard-setting projects. This analysis includes considering the nature, timing, and extent of guidance needed to address potential implementation challenges at the final approval stage.

Monitor and assist in the development of implementation guidance and other guidance by others, including other NSSs. Topics may include:

• group audits;
• technology; and
• sustainability.

Ensure visibility internally and externally of the AASB’s standards forward timeline to support effective implementation of the AASB’s standards and make revisions, where appropriate.

Assurance and related services standards should reflect the emerging business environment including technology.