AASB

AASB Decision Summary — June 25, 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)

Quality Management

The AASB discussed its draft response letters to the IAASB’s Exposure Drafts for “Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews,” which includes:

  • proposed International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements;
  • proposed ISQM 2, Engagement Quality Reviews; and
  • proposed ISA 220 (Revised), Quality Management for an Audit of Financial Statements.

The Chair and Director will review the final letters prior to submission.

The AASB agreed to perform further consultations with stakeholders on the proposed scope of Canadian Standard on Quality Management (CSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, in the fall of 2019.