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AASB Decision Summary – December 14, 2020

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. 

Assurance and Related Services Standards (other than CASs)

Assurance and Related Services Guideline (AuG)-18, Criteria for Reports Issued under Subsection 295(5) of “An Act Respecting Trust Companies and Savings Companies” in Québec

The AASB discussed withdrawing AuG-18, Criteria for Reports Issued under Subsection 295(5) of “An Act Respecting Trust Companies and Savings Companies” in Québec, from the CPA Canada Handbook – Assurance.

In 2019, Quebec’s Autorité des marchés financiers replaced its Act respecting trust companies and savings companies. This means AuG-18 is outdated and no longer required.

The AASB plans to finalize withdrawing AuG-18 at a future meeting.


Fraud and Going Concern

The AASB reviewed a draft response to the International Auditing and Assurance Standards Board’s Discussion Paper, ”Fraud and Going Concern in an Audit of Financial Statements: Exploring the Differences Between Public Perceptions About the Role of the Auditor and the Auditor’s Responsibilities in a Financial Statement Audit.”

In the fall, the AASB conducted outreach that informed its response.

The AASB will review a draft of the complete response letter at a future meeting. The response letter will be submitted by the comment deadline of February 1, 2021.

Monitoring Group Report

The AASB received a presentation on the Monitoring Group recommendations for international audit standard setting issued in the Group’s publication, Recommendations to Strengthen the International Audit and Ethics Standard Setting System. Potential implications on the Board’s structure and process will be considered at a future date.

Sustainability Reporting

The AASB reviewed a draft response letter to the IFRS® Foundation Trustees’ Consultation Paper on Sustainability Reporting. The Board will submit a final response letter by the comment deadline of December 31, 2020.