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AASB Decision Summary — August 29, 2019 Conference Call

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 Auditing Standards (CASs)

Audits of Less Complex Entities

The AASB reviewed the draft response letter to the International Auditing and Assurance Board's Discussion Paper, “Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the ISAs,” and comments received from Canadian stakeholders on consultation. The Board will review a revised draft of the response letter at its September 2019 meeting.

Assurance and Related Services Standards (other than CASs)

Compilation Engagements

The AASB discussed key issues related to the project to revise Section 9200, Compilation Engagements, including:

  • the description of the basis of accounting; and
  • the subsequent discovery of facts.

The Board will discuss the proposed effective date at its September 2019 meeting. The Board expects to approve the final standard at its October 2019 meeting.