In November 2019, the IAASB issued the Exposure Draft, “Conforming Amendments to the IAASB International Standards as a Result of the Revised IESBA Code.” It proposes conforming amendments to IAASB standards as a result of revisions to the International Ethics Standards Board for Accountants (IESBA) International Code of Ethics for Professional Accountants (including Independence Standards) (the IESBA Code).
The AASB is committed to adopting International Standards on Quality Control (ISQCs) and International Standards on Auditing (ISAs) as Canadian Standards on Quality Control (CSQCs) and Canadian Auditing Standards (CASs), respectively.
The AASB’s overriding goal is to adopt International standards without amendment. However, there may be circumstances where amendments are required. The Board has established criteria for making amendments to International standards adopted as Canadian standards. When the Board makes amendments, such amendments are clearly identified in the Canadian standard and explained in the Preface to the CPA Canada Handbook – Assurance.
Since the IAASB is proposing conforming amendments to International standards that the AASB has adopted, the AASB needs to consider whether to make equivalent changes to Canadian standards.