What’s New?
In August, the Auditing and Assurance Board (AASB) released the Exposure Draft, “Proposed revisions to the Canadian Auditing Standards (CASs) for Audit Evidence and Risk Response.” The Board proposes to adopt:
- proposed International Standard on Auditing (ISA) 330 (Revised), The Auditor’s Responses to Assessed Risks;
- Proposed ISA 500 (Revised), Audit Evidence;
- proposed ISA 520 (Revised), Analytical Procedures; and
- proposed conforming and consequential amendments to International Standards on Quality Management (ISQMs) and other ISAs, including ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement.
The result would be revised respective CASs and Canadian Standards on Quality Management (CSQMs).
This page highlights what we see as the key changes you should be aware of. The International Auditing and Assurance Standards Board’s (IAASB) Explanatory Memoranda include other areas of change that may be of interest to you. The IAASB’s Exposure Drafts, which include the Explanatory Memoranda, are available on the IAASB website and consist of:
What You Need to Know
ISA 330, The Auditor’s Responses to Assessed Risks
ISA 500, Audit Evidence
ISA 520, Analytical Procedures
Overall Consideration of the Use of Technology in the Proposals