At its meeting on June 13-14, 2016, the AASB discussed issues related to the adoption of ISAs regarding auditor reporting including: (i) the impact of the U.S. PCAOB’s auditor reporting reproposal;(ii) the scope of requirements dealing with reporting of key audit matters; (iii) what effective date should be established for the new standards including whether there should be a staged implementation of reporting on key audit matters; and (iv) whether to permit early application of the CASs. The AASB agreed to issue at an appropriate time a Message from the Chair designed to update stakeholders on the project. The AASB will continue discussion of the project issues at its June 27, 2016 conference call.

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