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The IAASB issued review engagements on interim financial information guidance in light of the changing environment due to the COVID-19 pandemic, providing areas of focus to consider in the review, as well as guidance on the requirements of ISRE 2410.

The IAASB issued guidance on auditing accounting estimates in light of the changing environment due to the COVID-19 pandemic, focusing on risk assessment and responding to assessed risks of material misstatement, disclosures, implications for the auditor’s report, and management bias and fraud. 

Last year saw the AASB playing a role in global assurance and related services standards, improving engagement with new and existing stakeholders, and approving key standards on compilation engagements and agreed-upon procedures. Read about the AASB’s 2019-2020 activities and accomplishments in this year’s Annual Report, which includes a look to the future as we navigate a world changed by COVID-19. 

Check out IFAC’s Weekly Webinar Series – ‘Practical Audit Quality Considerations for Auditing in the Pandemic Environment - Planning, Execution, Auditor Reporting and Looking Ahead.' Events start on Thursday, July 9, 2020!

The Board discussed issues related to the International Auditing and Assurance Standards Board (IAASB) projects on Audit Evidence, Audits of Less Complex Entities and Quality Management. It also continued discussions of its draft response letter to the IAASB Consultation Paper, Extended External Reporting (EER) Assurance. Read the full Decision Summary for details.

As the COVID-19 pandemic and its effects in Canada continue to evolve, the standard-setting boards have focused discussions on ensuring stakeholder needs are addressed. Read this statement from the Chairs of the AASB, AcSB and PSAB to get an update on decisions we’ve made on resource development, effective date deferrals, and comment deadline extensions.

The IAASB issued guidance on audior reporting in light of the changing environment due to the COVID-19 pandemic, including: modifications to the auditor’s opinion, material uncertainty relating to going concern;inclusion of key audit matters and/or emphasis of matter paragraphs, reporting implications for interim review engagements, and other issues.

The Board discussed key points to raise in an AASB response letter to the IASB Exposure Draft, General Presentation and Disclosures. It also reviewed a draft response letter to the Canadian Securities Administrators Proposed National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure. Read the Decision Summary for full details.

The International Auditing and Assurance Standards Board (IAASB) issued guidance on auditor considerations relating to subsequent events in light of the changing environment due to the COVID-19 pandemic. Auditors will likely require greater focus on events occurring between the date of the financial statements and the date of the auditor’s report (subsequent events) and the effect, if any, on the entity’s financial statements.

To account for COVID-19’s impact on the IAASB’s work, its staff capacity to deliver, and the capacity of the IAASB’s stakeholders to participate in consultations and to implement new standards, the IAASB has reconsidered the timelines for its projects in 2020.