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AASB Decision Summary – April 7, 2021

This summary of decisions of the Auditing and Assurance Standards Board (AASB) has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on projects and other matters, which might change after further deliberations by the AASB. Decisions to publish exposure draft and Handbook material are final only after a formal voting process.

Canadian Standard on Quality Management

Quality Management

The AASB discussed matters related to its proposed exposure draft addressing conforming amendments to other Canadian standards, resulting from the January 2021 approval of Canadian Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.

The AASB is expected to approve an exposure draft by the end of May 2021.

Assurance and Related Services Standards (other than CASs)

Future-oriented Financial Information

The AASB approved a project proposal to develop a Canadian Standard on Related Services to replace Assurance and Related Services Guideline 16, Compilation of a Financial Forecast or Projection.


2020-2021 Annual Plan

The AASB discussed its 2020-2021 Annual Plan performance assessment. The Board reviewed the achievements and challenges it faced during the year, including the impact of COVID-19 on its planned activities and targets.

2016-2021 Strategic Plan

The AASB discussed its final performance assessment of its 2016-2021 Strategic Plan. The Board concluded it has achieved all the objectives in the 2016-2021 Strategic Plan.


The AASB received a presentation from International Auditing and Assurance Standards Board (IAASB) staff on the technological innovations that are likely to have the greatest impact on audit and assurance. The presentation included a discussion of the IAASB’s initiatives to monitor emerging trends in technology and how disruptive technologies could affect the IAASB’s current and future workplans and its strategic direction.

The AASB discussed possible ways forward to address the impact of emerging technologies on assurance and related services standards, including developing a formal strategy and process.