News Listings

The Board recently submitted a response letter to the IAASB on the Exposure Draft, ISA 500, Audit Evidence. Read the response letter to learn more.

The Board recently submitted feedback on the IAASB’s Proposed Strategy and Work Plan for 2024-2027. Read the response letter to learn more.

The Board submitted a comment letter responding to the IAASB’s Exposure Draft, Proposed Part 10, Audits of Group Financial Statements of the Proposed ISA for Audits of Financial Statements of Less Complex Entities. The IAASB plans to approve the final ISA for LCE before the end of the year. Consistent  with our report, “Audits of Less Complex Entities – Our Progress Toward a Solution”, we will continue to monitor and provide input to the IAASB’s as we work towards providing solutions in this area. Read the response letter for full details.

At its April meeting, the IAASB confirmed its intention to advance the consultation on its proposed new standard for sustainability assurance, International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. Subject to the expected IAASB approval of the exposure draft in June, stakeholders can now expect the public consultation on the proposed standard to open in the latter part of July or early August 2023 and extend into December 2023. The AASB will be coordinating our exposure period to overlap with the IAASB’s exposure draft period.

In response to the IAASB’s approval of the project proposal for the development of an overarching sustainability assurance standard, ISSA 5000, the AASB has established the Sustainability Assurance Committee to enhance its technical expertise in this area and support the Board’s sustainability assurance projects. Learn more about the Committee. 

We are committed to serving the public interest by effectively responding to the needs of interested and affected parties. Read about the AASB’s 2022-2023 activities and accomplishments in this year’s Annual Report.

The Board submitted a comment letter responding to the IAASB’s Exposure Draft, Proposed Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements and ISA 260 (Revised), Communication with Those Charged with Governance. Read our response letter to learn more.      

The International Auditing and Assurance Standards Board (IAASB) issued its Exposure Draft on the proposed revisions to International Standard on Auditing (ISA) 570 (Revised 202X), Going Concern. The Exposure Draft aims to enhance an auditor’s work and reporting relating to an entity’s going concern. Submit your comments on the IAASB’s Exposure Draft by August 24, 2023, and provide a copy of your response to the AASB at [email protected].

The Board discussed comments received on its Exposure Draft, “CAS 500, Audit Evidence”, approved an exposure draft on Going Concern, and reviewed a draft response letter to the IAASB’s Exposure Draft, Proposed Part 10, Audits of Group Financial Statements of Less Complex Entities. The Board also received an update on the results of its survey and reviewed a draft of its response letter to the IAASB’s Proposed Strategy and Work Plan. Read the Decision Summary for more details.

The Board discussed its 2023-2024 Annual Plan, 2022-2023 Performance Assessment, Emerging Issues, and the IAASB’s projects on Audit Evidence, Going Concern, Sustainability, and more. Read the Decision Summary for full details.