Other Canadian Standards

Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents

Summary

The objective of this project is to develop authoritative material to replace Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents.

Staff Contact(s)

Chi Ho Ng, CPA, CA

Principal, Auditing and Assurance Standards Board

Project Status

  • Information gathering

    The AASB approved Section 7170, Auditor's Consent to the Use of the Auditor's Report in Connection with Designated Documents, and consequential amendments in December 2018. The revised Section 7170 was included in the March 2019 Handbook update.

  • Approving project
  • Consulting stakeholders
  • Deliberating feedback
  • Final pronouncement

Meeting & event summaries


February 11, 2019

AASB Decision Summary — January 24-25, 2019

The AASB discussed various alternatives to clarify that the auditor’s consent is provided by the firm and not by the engagement partner. The Board requested that the Securities Regulations Advisory Group further consider ways to address this issue.

January 14, 2019

AASB Decision Summary — December 3-4, 2018

The AASB unanimously approved Section 7170, Auditor's Consent to the Use of the Auditor's Report in Connection with Designated Documents, and consequential amendments. The Board concluded that the changes made in finalizing Section 7170 were not significant; therefore, re-exposure was unnecessary. The revisions will be effective for an auditor's consent issued on or after June 1, 2019. Once the Auditing and Assurance Standards Oversight Council (AASOC) confirms that due process was followed, the revisions are expected to be included in a March 2019 Handbook update.

October 15, 2018

AASB Decision Summary — October 15-16, 2018

The AASB reviewed and discussed comments received on the Exposure Draft of Section 7170, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents. Issues respondents raised, and the Board discussed included:

  • scope;
  • terms of engagement;
  • work effort relating to other information;
  • format of the auditor’s consent; and
  • the effective date of the final standard.

The Board will continue to discuss these and other issues at a future meeting

March 6, 2018

AASB Decision Summary – March 5-6, 2018

The Board unanimously approved an exposure draft of Section 7170, Auditor's Consent to the Use of the Auditor's Report in Connection with a Designated Document. Section 7170 is being amended to include certain material from Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents. The Board expects to issue the exposure draft in April 2018, with a comment deadline of July 2018.

January 26, 2018

AASB Decision Summary – January 25-26, 2018

The Board reviewed a preliminary draft of revised Section 7170, Auditor's Consent to the Use of the Auditor's Report Included in a Business Acquisition Report, which is being amended to include certain material from Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents.

The Board directed the Securities Regulation Advisory Group working on this project to perform further research on whether interim review engagement reports and auditor’s consents should be required to be provided in writing in all cases. The Board will continue to discuss these and other issues at future meetings.

December 5, 2017

AASB Decision Summary – December 4-5, 2017

The Board discussed the Securities Regulations Advisory Group’s proposed changes to expand the scope of Section 7170, Auditor's Consent to the Use of the Auditor's Report Included in a Business Acquisition Report, to include material from Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents. The Board reviewed a preliminary draft of the standard, including:

  • the scope of the standard;
  • proposed changes to the auditor’s work effort on performing interim review procedures to identify intervening period events;
  • which terms should be defined to enhance the clarity of the standard; and
  • potential illustrative reports.

September 15, 2017

AASB Decision Summary – September 14-15, 2017

The Board reviewed the Securities Regulations Advisory Group’s (SRAG) proposal to revise Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents, by expanding the scope of Section 7170, Auditor’s Consent to the Use of the Auditor’s Report Included in a Business Acquisition Report. The AASB agreed with the SRAG’s proposed approach, including the proposed scope of documents addressed by the expanded Section 7170.

June 13, 2017

AASB Decision Summary – June 12-13, 2017

The Board unanimously approved a project proposal to revise Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents. The Board discussed the project scope and determined it should be limited to documents filed with securities regulators.

News


March 1, 2019

Basis for Conclusions

Auditor’s Consent to the Use of the Auditor’s Report in Connection with a Designated Document

This is a summary of the process followed in revising Section 7170 and the Board’s conclusions regarding significant comments received in response to its Exposure Draft.

May 4, 2018

News

AASB Exposure Draft – Auditor's Consent to the Use of the Auditor's Report in Connection with a Designated Document

May 4, 2018. The AASB has issued an Exposure Draft of a proposed new standard that deals with an auditor’s consent in connection with designated documents. Stakeholders are encouraged to submit their comments by July 31, 2018.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.