News Listings

The IAASB released first-time implementation guides for ISQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements and ISQM 2, Engagement Quality Reviews. These guides are intended to help stakeholders understand and properly implement the requirements in the standards.

The IAASB is holding a series of webinars on June 24, July 29, August 5, and August 18. The webinars will take a deep dive into aspects of the IAASB’s new standard on quality management. We encourage stakeholders to register for a webinar or watch the webinars on the IAASB’s YouTube channel following the session.

The AASB discussed issues related to the IAASB’s project on Group Audits and the anticipated exposure draft of a separate standard for audits of less complex entities. The Board approved its 2021-2022 Annual Plan and 2022-2025 Strategic Plan. 

Although the external audit is only one element within the broader financial reporting ecosystem, the auditor’s role in audits of financial statements continues to receive heightened public attention. We’re working to better understand the expectation gap between the perception of the auditor’s role and their responsibilities in a financial statement audit. Read this article to learn more about our outreach initiatives, and watch a video excerpt from our recent presentation on this topic!

The IAASB issued a survey on its Work Plan for 2022-2023. Help shape the IAASB’s future work by replying via the Board’s online tool. We encourage Canadian stakeholders to respond to the IAASB by August 5, 2021.

The IAASB released a new video for firms preparing to implement its new quality management standards. Watch this video for information on what may be retained from current quality control systems, the time and resources needed, and various ways to approach implementation.

This past year presented several major global challenges with impacts on standard-setting in Canada. Both AASOC and the AASB needed to be sensitive to many different risks in our new environment.  Read our 2020-2021 Annual Report to learn more about the work we did, including our oversight of the AASB. 

The Accounting Standards Oversight Council (AcSOC) and Auditing and Assurance Standards Oversight Council (AASOC) have initiated a review of Canadian standard setting. The Independent Review Committee on Standard Setting in Canada was formed to review of the governance and structure for establishing accounting, auditing, and assurance standards, as well what might be needed for the future – including sustainability standards. 

The AASB discussed the anticipated IAASB exposure draft of a proposed standard for Audits of Less Complex Entities and the way forward in Canada. The Board also reviewed a first draft of its 2021-2022 Annual Plan and discussed input received from stakeholders on its Draft 2022-2025 Strategic Plan.

The AASB reviewed its performance assessments for the 2020-2021 Annual Plan and 2016-2021 Strategic Plan and continued discussions on a proposed exposure draft addressing conforming amendments to other Canadian standards as a result of CSQM 1. The Board also approved a project proposal to replace AuG-16, Compilation of a Financial Forecast or Projection with a Canadian Standard on Related Services.