News Listings

The AASB discussed stakeholder feedback on Quality Management – Conforming Amendments and received a presentation of feedback from stakeholders related to AASB’s Discussion Paper on Audits of Less Complex Entities. The Board also discussed the IAASB Work Plan for 2022-2023 and provided input to the IAASB’s Working Group project proposal to revise ISA 240 on Fraud as well as issues related to ISA 600 on Group Audits. Read the summary for more details!

The Board discussed issues related to the proposed conforming amendments to Other Canadian Standards (OCSs) set out in its Exposure Draft, “Quality Management – Conforming Amendments to Other Canadian Standards”. The AASB reviewed a draft response letter to the International Auditing and Assurance Standards Board’s Exposure Draft on Audits of Less Complex Entities. Read the Decision Summary for full details. 

The pandemic continues to greatly impact the activities of organizations and individuals. To ensure stakeholders have adequate time to weigh in on this Consultation Paper, the IRCSS has extended the comment period for its Consultation Paper from February 28, 2022, to March 31, 2022.

Since commencing a review of standard setting in May 2021, the Independent Review Committee on Standard Setting in Canada (IRCSS) has released its Consultation Paper for public comment. With the goal to ensure that Canadian standard setting will continue to be independent and internationally recognized, the IRCSS’ paper explores several key matters including establishing a Canadian Sustainability Standards Board; public interest considerations and responsibilities to Indigenous peoples in the development of standards; governance and oversight framework of the Canadian standard-setting system; and timeliness and responsiveness of the current accounting, auditing, and assurance standard setting processes. Respond by February 28, 2022, and help the IRCSS shape its final recommendations report.

With developments on sustainability standards continuing to unfold internationally, the Independent Review Committee on Standard Setting in Canada continues its work to ensure that Canadian standard setting is fit for the future. Get an update on discussions and the key matters identified, including public interest considerations and responsibilities to Indigenous peoples in the development of standards and recommendations on establishing a Canadian Sustainability Standards Board. The Committee will issue a Consultation Paper for the for public to comment on, in December. Read about the Committees’ progress to date and next steps.

The need for a Canadian Sustainability Standards Board is clearer than ever, says Edward J. Waitzer, Chair of the Independent Review Committee on Standard Setting in Canada. Learn more.

The AASB is excited to share that Eric Turner, Director, AASB has been reappointed to the International Auditing and Assurance Standards Board (IAASB).

Eric’s new three-year term will commence on January 1, 2022.

The International Auditing and Assurance Standards Board develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. Read more.

The formation of the new International Sustainability Standards Board (ISSB) was announced on Finance Day at COP26 in Glasgow, along with two other significant developments.

The IFRS Foundation also announced its commitment to consolidating the Climate Disclosure Standards Board and the Value Reporting Foundation with the new ISSB and will publish prototype climate and general disclosure requirements developed by the Technical Readiness Working Group (TRWG) – a group formed by the Trustees to undertake preparatory work for the ISSB.

The ISSB’s standards will enable companies to provide comprehensive sustainability information for the global financial markets. It will also have a global and multi-location presence with offices in Frankfurt and Montreal, responsible for key functions supporting the new Board, and enable deeper co-operation with regional stakeholders.

In a new joint report on the audit expectation gap, the Association of Chartered Certified Accountants (ACCA), Chartered Accountants Australia and New Zealand (CA ANZ), Chartered Professional Accountants of Canada (CPA Canada), and the Canadian Auditing and Assurance Standards Board (AASB) provide recommendations for regulators, standard setters, and auditors on tackling fraud and addressing going concern issues. Learn more.

In collaboration with the ACCA, CPA Canada, and CA ANZ, the AASB issued a joint report – Closing the expectation gap in audit – The way forward on fraud and going concern: A multi-stakeholder approach. The report provides recommendations on how to narrow the expectation gap in the areas of fraud and going concern, based on feedback from virtual roundtables held across the globe. Read the report for full details.