At its meeting on January 18-19, 2016, the AASB unanimously approved a re-exposure draft of proposed CSOA 5000, Use of the Practitioner’s Communication or Name (formerly proposed to be titled Association). CSOA 5000 would replace Section 5020, Association. The re-exposure draft is expected to be issued in March 2016. The effective date of proposed CSOA 5000 would be for a practitioner’s consent provided on or after June 1, 2017. To ensure consistency in application, the re-exposure draft will propose to defer the effective date of Section 7170, Auditor’s Consent to the Use of the Auditor’s Report Included in a Business Acquisition Report, to reports issued on or after June 1, 2017 and, accordingly, defer withdrawal of Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents.

At its meeting on January 18-19, 2016, the AASB, discussed issues related to its project to revise Section 9200, Compilation Engagements, including:

1. whether the revised standard should acknowledge the use of financial statements compiled under Section 9200 and the accompanying report by users other than management; and
2. whether the revised standard should require a disclosure of the basis of accounting followed by management.

The AASB also supported expanding the composition of the Compilation Engagements Task Force to include an observer from the lending community.

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

At its meeting on January 18-19, 2016, the AASB discussed an overview of issues raised by respondents to the Exposure Draft. The AASB also decided that a subgroup of AASB members should be formed to review the issues raised and recommend revisions to the proposed CSAE 3530 at a future AASB meeting.

At its meeting on January 18-19, 2016, the AASB had a preliminary discussion about implementation activities and timelines related to its draft Strategic Plan for 2016-2021. The AASB will discuss comments received and any revisions to the proposed strategic plan, as well as further implementation considerations, at a future meeting.

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

At its meeting on January 18-19, 2016, the AASB received a presentation on audit matters arising from IFRS 9 including implications for: (i) auditing significant management assumptions and estimates; (ii) how the auditor obtains sufficient appropriate audit evidence; (iii) the use of experts on the audit; and (iv) testing of internal controls.

These and other implications are being explored in the IAASB’s project to revise ISA 540, The AASB decided that two advisory groups would be established to assist staff and the AASB by providing input on issues related to the project.

At its meeting on January 18-19, 2016, the AASB (i) discussed feedback received from its members during earlier conference calls on the IAASB’s Overview and Invitation to Comment; (ii) decided which issues will require further discussion by the AASB and other stakeholders to provide staff a basis for drafting the AASB response to the IAASB’s Invitation to Comment; (iii) reviewed its draft invitation to comment; and (iv) discussed the means of obtaining Canadian stakeholder input on the issues in the IAASB’s Overview and Invitation to Comment.

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