This summary of decision 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)
The AASB discussed key issues stakeholders raised related to the Exposure Draft, “Compilation Engagements,” including:
- engagement acceptance and continuance; and
- work effort and documentation.
The Board will continue to discuss these issues at a future meeting.
Reporting on Controls at a Service Organization
The AASB discussed draft guidance to assist practitioners performing service and organization controls engagements who are required to report under both Canadian and U.S. standards. The guidance addresses differences between each jurisdiction’s overarching attestation standards.
The AASB reviewed its fourth quarter performance for the year ended March 31, 2019, against targets established in its 2018-2019 Operating Plan. The Board concluded that it met most of its targets for the quarter.