News Listings

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.

The Board reviewed a draft response letter to the IAASB Discussion Paper on Fraud and Going Concern in an Audit of Financial Statements and discussed its project on Quality Management. It also reviewed performance assessments for its 2020-2021 Annual Plan and 2016-2021 Strategic Plan.

This article provides highlights from comment letters written by Boards and Councils responding to the IFRS Foundation Trustees Consultation Paper on Sustainability Reporting.

Linda Mezon, AcSB Chair, and Ken Charbonneau, AASB Chair, and other leaders from Canadian practice share their insights, on how they are getting involved to support business and protect the public interest in a blockchain enabled world. These leaders share the challenges and opportunities they see, and the role accountants can play, including how educators and researchers can help.  Read their insights in the CAAA’s journal Accounting Perspectives’ special issue on Blockchain and Cryptoassets, Vol.19, Issue 4. 

The Board reviewed draft response letters to the IAASB Discussion Paper on Fraud and Going Concern and the IFRS Foundation Trustees Consultation Paper on Sustainability Reporting. The Board also discussed the recommendations in the Monitoring Group publication Recommendations to Strengthen the International Audit and Ethics Standard Setting System.

COVID-19 continues to impact Canada and the world. We are each experiencing and navigating the challenges, and the standard-setting boards are no exception. We are reprioritizing work to adapt to our new environment, continuing to create helpful resources, and even launched a new online community platform to further pivot our operations to the digital environment.

The Board discussed considerations related to the IAASB’s draft project proposal for Audits of Less Complex Entities and Audit Evidence and issues related to the IAASB’s project on Extended External Reporting and Group Audits. It also discussed Canadian specific considerations related to adopting the new firm-level Quality Management standard. Read the full Decision Summary for details.

The IAASB approved its quality management suite of standards, including ISQM 1, ISQM 2, and ISA 220, in September 2020. The AASB has proposed to adopt these standards in Canada. Watch this video for an introduction to the new IAASB standards.

The International Auditing and Assurance Standards Board (IAASB) issued its Discussion Paper, Fraud and Going Concern in an Audit of Financial Statements, to gather perspectives from stakeholders about the role of the auditor and whether their standards related to fraud and going concern are fit-for-purpose. Comments are due to the IAASB on February 1, 2021.