News Listings

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.

The AASB discussed a portion of its draft response letter to the IAASB Consultation Paper, Proposed Non-Authoritative Guidance Extended External Reporting (EER) Assurance. It also approved revisions to its Due Process Manual.

AASB Exposure Draft – Audits of Group Financial Statements (Including the Work of Component Auditors)

The AASB issued an Exposure Draft proposing the adoption of ISA 600 (Revised), with appropriate Canadian amendments. Stakeholders are invited to comment until September 11, 2020. For full details, visit the Document for Comment page.

Jointly presented by the AASB, CPA Canada and CPAB, this webinar explores considerations related to COVID-19 that could impact going concern assessments. Now available to view on-demand. Watch it today!

The International Auditing and Assurance Standards Board (IAASB) issued guidance on general audit considerations, and specific considerations relating to going concern in light of the changing environment due to the COVID-19 pandemic. 

The International Auditing and Assurance Standards Board (IAASB) issued its Exposure Draft, ISA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). Comments are due to the IAASB on October 2, 2020.

The Board discussed the implications of COVID-19 on its 2020-2021 Annual Plan activities. It also approved an exposure draft of Canadian Auditing Standard (CAS) 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). Read the Decision Summary for full details.

Canada’s standard-setting boards are monitoring the COVID-19 pandemic closely. We are committed to providing information to help our stakeholders stay informed and address the challenges that may come during this time. Bookmark this webpage to stay up to date on our news and resources. 

Like you, we are monitoring the COVID-19 pandemic closely and evaluating daily how to respond to, and operate in, this environment. Read this statement from the Chairs of the AASB, AcSB and PSAB to learn how we are continuing our standard-setting operations during this unprecedented time.