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)
The Board received an update from members of the Auditor Reporting Implications of the New Canadian Auditing Standards Task Force. This Task Force is developing illustrative combined auditor’s reports for dual listed entities incorporating the Canadian auditor reporting standards, and the recently approved U.S. Public Company Accounting Oversight Board’s (PCAOB) standard dealing with auditor reporting. These combined reports would illustrate how each of the existing and the recently approved new auditor reporting standards in Canada can be combined with the new PCAOB standards. The Task Force will also need to work with relevant U.S. authorities to confirm that such a combined report would be accepted by them.
The combined auditor’s reports being developed by the Task Force could be used for fiscal year-ends in 2017 and 2018. The Board was supportive of the Task Force’s work. The Board also discussed any implications on Canadian auditing standards in accommodating the combined auditor’s report. As the Task Force moves ahead on this initiative, it will keep the Board apprised of its progress.