AASB Decision Summary – October 14, 2015

AASB Decision Summary – October 14, 2015

Start date: Oct 14, 2015

End date: Oct 14, 2015

Location: Toronto

On October 21, 2015, the Auditing and Assurance Standards Board (AASB) released an executive summary of its discussions and decisions with respect to the topics addressed at this meeting.

The following topics were discussed:

Canadian Auditing Standards (CASs)

Financial Statement Disclosures
Responsibilities Relating to Other Information

Assurance and Related Services Standards (other than CASs)

Communications with Law Firms

Review the executive summary on the AASB's Web site.

Related Discussions

Communications with Law Firms - AASB

Oct 14, 2015

At its meeting on October 14, 2015, the AASB approved a revised “Joint Policy Statement Concerning Communications with Law Firms Regarding Claims and Possible Claims in Connection with the Preparation and Audit of Financial Statements” appended to CAS 501, Audit Evidence — Specific Considerations for Selected Items, as well as conforming amendments to CAS 501. The AASB concluded that changes made in finalizing the Joint Policy Statement were not significantly different from the proposals in the Exposure Draft and, therefore, no re-exposure is necessary. The revisions will be effective for inquiry letters dated on or after December 1, 2016 and are expected to be reflected in an April 2016 Handbook update.

At its meeting on October 14, 2015, the AASB approved a revised “Joint Policy Statement Concerning Communications with Law Firms Regarding Claims and Possible Claims in Connection with the Preparation and Audit of Financial Statements” appended to CAS 501, Audit Evidence — Specific Considerations for Selected Items, as well as conforming amendments to CAS 501.

The AASB concluded that changes made in finalizing the Joint Policy Statement were not significantly different from the proposals in the Exposure Draft and, therefore, no re-exposure is necessary.

The revisions will be effective for inquiry letters dated on or after December 1, 2016 and are expected to be reflected in an April 2016 Handbook update.

Review the executive summary on the AASB's Web site.

Responsibilities Relating to Other Information - AASB

Oct 14, 2015

At its meeting on October 14, 2015, the AASB approved an exposure draft of proposed Canadian amendments to ISA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information, in adopting it as CAS 720. The exposure draft is expected to be issued in November 2015 and will have a response date of February 5, 2016.

At its meeting on October 14, 2015, the AASB approved an exposure draft of proposed Canadian amendments to ISA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information, in adopting it as CAS 720. The exposure draft is expected to be issued in November 2015 and will have a response date of February 5, 2016.

Review the executive summary on the AASB's Web site.

Financial Statement Disclosures - AASB

Oct 14, 2015

At its meeting on October 14, 2015, the AASB discussed the effective date of the revisions to various CASs addressing disclosures in the audit of financial statements that were approved at its September 2015 meeting. The AASB tentatively agreed that the effective date should be consistent with the effective date of the new auditor reporting standards and revised CAS 720, The Auditor’s Responsibilities Relating to Other Information, which will be set once those standards are approved. The AASB has proposed that the effective date for those standards would be for audits of financial statements for periods ending on or after December 15, 2017.

At its meeting on October 14, 2015, the AASB discussed the effective date of the revisions to various CASs addressing disclosures in the audit of financial statements that were approved at its September 2015 meeting. The AASB tentatively agreed that the effective date should be consistent with the effective date of the new auditor reporting standards and revised CAS 720, The Auditor’s Responsibilities Relating to Other Information, which will be set once those standards are approved. The AASB has proposed that the effective date for those standards would be for audits of financial statements for periods ending on or after December 15, 2017.

Review the executive summary on the AASB's Web site.

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AASB Decision Summary – October 14, 2015

Related Topics

Related Discussions

Communications with Law Firms - AASB

Responsibilities Relating to Other Information - AASB

Financial Statement Disclosures - AASB

Correction list for hyphenation