News Listings

The AASB issued a Discussion Paper to obtain stakeholder input on options that might be explored in Canada to address the challenge of applying the Canadian Auditing Standards (CASs) to audits of less complex entities. Submit your comments by December 10, 2021!

The AASB discussed issues related to the IAASB’s projects on Group Audits and Auditor Reporting. The Board also received an update on its Future-oriented Financial Information project. Read the Summary for full details.

The IAASB issued an Exposure Draft proposing a new standard on auditing the financial statements of less complex entities (LCEs). On September 10, 2021, the AASB will release a discussion paper that explores whether to pursue a separate standard for audits of LCEs in Canada and other options to address the challenges practitioners face in LCE audits. Read the IAASB Exposure Draft and stay tuned for our Canadian discussion paper!

Private and public institutions across the country have come together to offer Canada as the global headquarters for the new International Sustainability Standards Board (ISSB). The offer was facilitated by CPA Canada and formally submitted by the Government of Canada to the IFRS Foundation this week, backed by organizations such as pension funds, financial institutions, securities regulators, a leading First Nations organization, accounting firms, insurance companies, and other large Canadian companies, along with the support of the country’s six largest municipalities and a broad cross-sector of Canada’s leading business, academic, and environmental stakeholder organizations. 

Learn how the AASB developed and approved its Strategic Plan 2022-2025 – including conclusions reached on the significant comments received. 

The AASB has recruited members for the Compilations of Future-oriented Financial Information  (FOFI) Reference Group. The Compilations of FOFI Reference Group will assist the AASB as it develops a new Canadian Standard on Related Services (CSRS) to replace current Assurance and Related Services Guideline (AuG)-16, Compilation of a Financial Forecast or Projection.

The AASB discussed issues related to the IAASB’s project on audit evidence and fraud. The Board also reviewed a draft Canadian discussion paper on audits of less complex entities.

As Canada moves through the third wave of COVID-19 with the hope that comes with vaccinations and economic re-opening, we in standard setting have also been progressing in new areas and initiatives. From sustainability standards to strategic planning, read this statement from our Board Chairs about what we’ve been up to and what’s to come this year.

The AASB issued an Exposure Draft proposing conforming amendments to Other Canadian Standards to avoid inconsistencies with the new and revised quality management standards. Submit your comments by September 30, 2021. 

The AASB’s 2022-2025 Strategic Plan considers our changing environment – with a focus on understanding and responding to the related emerging issues and needs of our stakeholders. Key areas of our new Strategic Plan include: addressing the needs of less complex entities, the impact of new technologies, and continuing our prioritization of enhancing stakeholder engagement to develop solutions together.