News Listings

The Board submitted its comment letter responding to the IAASB’s Exposure Draft of ISA 600 (Revised), Special Considerations - Audits of Group Financial Statements (Including the work of Component Auditors). Read the AASB’s full response.

The AASB submitted its response letter to the IASB Exposure Draft, General Presentation and Disclosures on September 30, 2020. The AASB considered comments provided by external stakeholders who were consulted in combination with the AcSB. We also raised comments on the audit implications of bringing management performance measures into the financial statements and introducing a definition for unusual income and expenses.

The expectation gap between the public’s perception of the role of the auditor, the auditor’s current responsibilities, and how they may evolve are receiving heightened attention. Register for our new online community platform, Connect.FRASCanada.ca, to quickly and easily provide your input on this growing issue – as well as hear from others on these important topics.

Our new due process manual provides a clear explanation of our standard-setting due process activities and includes details of how you can participate in the process. We use plain language, and simplified content, to ensure the rigorous set of procedures we undertake to set standards is easy for you to understand. Visit the Due Process page to learn more.

Connect.FRASCanada.ca is our new online community platform. It’s an easy-to-use way to give your feedback on new or amended standards, take part in post-implementation reviews, or submit issues for discussion at a committee meeting.

You asked. We listened. Many of the enhancements to the auditor reporting standards were made in response to input from financial statements users. Now that the standards are in effect, we want users to tell us their views. Participate in our new online community platform, Connect.FRASCanada.ca, to easily give your feedback via quick polls, short surveys and even an open idea forum.

The Board reviewed stakeholder feedback received on the AASB Exposure Draft – Audits of Group Financial Statements (Including the Work of Component Auditors) as well as a draft response letter to the IAASB Exposure Draft. It discussed issues related to the IAASB’s project on Quality Management at the Firm and Engagement Level and Extended External Reporting. The Board also reviewed a second draft of its 2022-2025 Draft Strategic Plan, which reflects the implications of the COVID-19 pandemic on the AASB’s strategic directions. Read the full Decision Summary for details.

The Board reviewed a draft response letter to IASB Exposure Draft, General Presentation and Disclosures. It also discussed the impact of COVID-19 on its Draft Strategic Plan and how to reflect this in the Plan. Read the full Decision Summary for details.

The IAASB Auditor Reporting Implementation Working Group issued an online survey for stakeholders to provide input regarding the enhanced Auditor Reporting Standards. The AASB encourages all stakeholder groups to participate and share their views!

The Board continued discussions of its draft response letter on the IAASB Consultation Paper on Extended External Reporting. It also discussed its current planned activities for emerging technology, fraud and going concern, and the evolving assurance needs of stakeholders. Read the full Decision Summary for details.