News Listings

We are pleased to announce new members and re-appointed members, and thank those retiring, to the Council and the AASB. See the appointments page for full details.

We are pleased to announce new members and re-appointed members, and thank those retiring, to the Council and the AASB. See the appointments page for full details.

AASOC is pleased to announce it has approved the appointment of Bob Bosshard, CPA, CA, ICD.D, as the new chair of the AASB. Bob will begin his three-year term as the AASB chair on July 1, 2021. Read more about his background and how it will serve the AASB as it navigates through this pivotal time.

The IAASB issued an Exposure Draft proposing conforming amendments to International standards to avoid inconsistencies with the new and revised quality management standards. Canadian stakeholders are encouraged to respond to the IAASB with a copy to the AASB by May 24, 2021.

The International Ethics Standards Board for Accountants (IESBA) issued an Exposure Draft proposing revisions to the definitions of “listed entity” and “public interest entity” in the Code. These revisions may have implications for International Standards on Auditing. Canadian stakeholders are encouraged to respond to the IESBA with a copy to the AASB by May 3, 2021.

The Board discussed issues related to the IAASB’s project on Audit Evidence, Audits of Less Complex Entities, Group Audits, and Extended External Reporting. It received an update on internal activities and next steps to respond to the evolving needs of stakeholders for assurance on information beyond the financial statements. The Board also reviewed the assumptions and process for developing the 2021-2022 Annual Plan.

The Auditing and Assurance Standards Board (AASB) will issue its 2021-2022 Annual Plan on July 1, 2021 to align with the timing of its Draft Strategic Plan for 2022-2025, currently out for comment. Read this update to find out about the AASB activities for the next few months.

The Board discussed recent work performed by the Audits of Less Complex Entities Advisory Group and elements of a possible project proposal to revise or replace AuG-16, Compilation of a Financial Forecast or Projection. It also discussed its approach to issuing an exposure draft on conforming amendments to other Canadian standards as a result of its approval of CSQM 1. 

Predict the future? The AASB can’t do that, but it can work with you on what Canadian auditing and assurance standards should look like in the coming years. Join us for a short Zoom chat and take part in a quick survey on one (or all!) of our six proposed strategic topics this February and March. Talk to us about the issues that matter to you most, that the AASB can help solve.

Did you conclude that your company did not have material uncertainties associated with its ability to continue as a going concern? Would small changes to the assumptions you used change that assessment? Read this joint resource issued by the AcSB and AASB on accounting and auditing considerations relating to close call going concern assessments.