At its meeting on October 17-18, 2016, the AASB discussed issues related to the development of an auditing guideline to replace Section PS 5300, Auditing for Compliance with Legislative and Related Authorities in the Public Sector, including: (i) the scope of the auditing guideline; (ii) appropriate reporting elements to include in the auditor’s report; and (iii) illustrative reports to be included.

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

At its meeting on October 17-18, 2016, the AASB discussed issues related to the adoption of auditor reporting standards in Canada. The AASB considered the appropriate timing for approval of the standards in relation to the expected timing for the finalization of the U.S. Public Company Accounting Oversight Board’s auditor reporting proposals.  The AASB also discussed different options for the application of the new standards for entities listed with exchanges other than the Toronto Stock Exchange. 

The AASB reviewed a draft message from the Chair to update stakeholders on the progress of the project. This message is expected to be released in late 2016.

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

At its meeting on October 17-18, 2016, the AASB approved revisions to CAS 250, Consideration of Laws and Regulations in an Audit of Financial Statements, and conforming amendments to other standards, related to adoption of the IAASB’s limited amendments to address non-compliance with laws or regulations. The AASB concluded that changes made in finalizing the standards were not significantly different from the proposals in the Exposure Draft and, therefore, no re-exposure is necessary.  The amendments will be effective for financial statement periods ending on or after December 15, 2018 and are expected to be included in a Handbook update in early 2017.

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

At its meeting on October 17-18, 2016, the AASB unanimously approved a Canadian Invitation to Comment on the IAASB’s discussion paper, “Exploring the Demand for Agreed-Upon Procedures Engagements and Other Services, and the Implications for the IAASB’s International Standards.”  The Invitation to Comment is expected to be issued in late 2016.

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