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AASB Decision Summary – January 23, 2023

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.

Other Canadian Standards

Compilation of Future-oriented Financial Information

The AASB discussed issues related to the project to develop a new Canadian Standard on Related Services on compilations of future-oriented financial information that will replace Assurance and Related Services Guideline (AuG) 16, Compilation of a Financial Forecast or Projection. Key issues included:

  • the definitions of “forecast,” “hypotheses,” and “projection”;
  • the definition of “pro-forma financial information”; and
  • the scope of the proposed new standard.


The AASB reviewed and unanimously approved a Canadian Project Proposal for a sustainability assurance standard, adopted concurrently from the International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements, as an Other Canadian Standard. Key issues included:

  • the project’s scope, public interest considerations, and risk assessment;
  • the limited circumstance where the AASB can make amendments to the international standard (i.e., the amendment criteria);
  • the relationship of the proposed Canadian Standard on Sustainability Assurance (CSSA) 5000 with other Canadian standards;
  • the Board’s influence in drafting the international standard; and
  • the project’s timeline, resources, and communications plan.  


Annual Plan and Strategic Plan 2022-2025

The AASB discussed matters related to its annual planning and its Strategic Plan 2022-2025. Key matters included reviewing:

  • the nine-month actual and three-month planned performance against its 2022-2023 Annual Plan activities;
  • the progress towards the achievement of the strategic goals as set out in its Strategic Plan 2022-2025; and
  • a first draft of its 2023-2024 annual plan.

Provincial Practice Inspectors

The AASB received a presentation summarizing feedback collected from the Provincial Practice Inspectors and findings from Provincial Practice Inspection Reports. The feedback discussed related to audit engagements, review engagements, and compilations.