At its meeting on September 16-18, 2015, the AASB agreed to extend the deadline for comments on its Invitation to Comment, Implementation Considerations for New Auditor Reporting Standards, to February 5, 2016. The extended deadline will allow sufficient time for respondents to also consider proposals related to proposed CAS 720, The Auditor’s Responsibilities Relating to Other Information. The AASB expects to approve an exposure draft of CAS 720 at its October 2015 meeting.

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At its meeting on September 16-18, 2015, the AASB reviewed proposed revisions to Section 7150. No formal written responses were received to the related ED issued in March 2015. The AASB unanimously approved the revised Section. The AASB concluded that changes made in finalizing the Section were not significantly different from the proposals in the ED and, therefore, no re-exposure is necessary. The revisions will be effective for an auditor’s consent to the use of a report of the auditor in an offering document issued on or after January 1, 2016 and will be reflected in a November 2015 Handbook update.

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At its meeting on September 16-18, 2015, the AASB provided input to the CPA Canada nominee on the IAASB on issues related to the IAASB’s proposed revisions to ISA 800 and ISA 805, including proposed conforming amendments as a result of issuing the ISAs dealing with auditor reporting. The IAASB was expected to approve revised ISA 800 and ISA 805 at its September 2015 meeting. The AASB will finalize the revisions to CAS 800 and CAS 805 at a future meeting.

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At its meeting on September 16-18, 2015, the AASB discussed issues related to the adoption of ISA 720 (Revised), as CAS 720 in Canada, including whether: (i) a Canadian amendment should be made to limit the requirement for the auditor’s report on a listed entity’s financial statements to identify other information expected to be obtained after the date of the auditor’s report to other information required by Canadian securities legislation; and (ii) the requirement for the auditor’s report to identify other information of a listed entity expected to be obtained after the date of the auditor’s report should apply to all reporting issuers in Canada (i.e., listed entities and investment funds). The AASB will continue to discuss these issues with a goal of approving an ED at its October 2015 meeting.

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At its meeting on September 16-18, 2015, the AASB unanimously approved revisions to various CASs addressing disclosures in the audit of financial statements. The AASB concluded that changes made in finalizing the CASs were not significantly different from the proposals in the ED and, therefore, no re-exposure is necessary. The AASB will discuss the effective date of the revised CASs at its October 2015 meeting.

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At its meeting on September 16-18, 2015, the AASB discussed the future direction of its project to revise or replace Assurance and Related Services Guideline AuG-6, Examination of a Financial Forecast or Projection Included in a Prospectus or Other Public Offering Document. The AASB agreed that this project should proceed.

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At its meeting on September 16-18, 2015, the AASB unanimously approved revisions to Section 7060, Auditor Review of Interim Financial Statements. These limited amendments reflect a new streamlined disclosure requirement for venture issuers. The AASB unanimously agreed that exposure was not necessary because the proposed revisions are being made in response to changes in securities law and the required revisions are straightforward. There are no significant alternative choices available to the AASB. Further, the revisions are not expected to result in a change in practice. The revisions will be effective upon publication and will be reflected in a November 2015 Handbook update.

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At its meeting on September 16-18, 2015, the AASB discussed preliminary issues related to its project to revise Section 9200. These include whether: (i) consultations with lenders performed to date have provided sufficient information for the AASB and its Compilation Engagements Task Force; (ii) guidance should be included for situations when the engagement is not within the scope of the revised standard; and (iii) the revised standard should be premised on the principle that compiled financial statements are for use by management only. The AASB will continue to discuss these and other issues at future meetings.

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At its meeting on September 16-18, 2015, the AASB reviewed comments received from Canadian stakeholders on its Re-exposure Draft. Respondents indicated support for the Re-exposure Draft; however, they made various suggestions for changes to proposed CSRE 2400. Key views expressed by respondents where changes were suggested were discussed by the AASB and include the following: (i) the need for more specific guidance about the nature and extent of procedures to be performed between the date of the financial statements and the date of the practitioner’s report; (ii) whether a requirement or application material addressing dual-dating of the practitioner’s report should be added; (iii) adding definitions of the terms “fair presentation framework” and “compliance framework”; and (v) adding a sample management representations letter. The AASB expects to approve a final standard at its November 2015 meeting.

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At its meeting on September 16-18, 2015, the AASB reviewed comments received from Canadian stakeholders on its ED of proposed CSOA 5000, Association. Issues raised by respondents and discussed by the AASB included the following: (i) clarifying the name and scope of the standard; (ii) clarifying how the proposed standard addresses information in another language issued by the entity; (iii) whether the proposed definition of accompanying information needs to be revised; and (iv) whether the proposed standard should require the practitioner, before providing consent, to perform procedures in the intervening period from the date of the practitioner’s report on information to the date of consent. The AASB will continue discussing these and other issues at its November 2015 meeting.

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