At its meeting on June 12-13, 2017, the AASB provided input to the CPA Canada nominee on the IAASB on issues related to the IAASB’s project to revise ISA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). Issues discussed included the scope of ISA 600 and group audit issues that are dependent upon other IAASB projects currently in progress.

The AASB also provided input to the CPA Canada nominee on the IAASB on issues related to the IAASB’s project to revise ISQC 1, International Standard on Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements, and ISA 220, Quality Control for an Audit of Financial Statements. Key issues discussed relating to ISQC 1 included the need for further considerations for small and medium-sized practitioners in the proposed revisions; potential challenge of setting out the public interest role of firms in the standard; how the proposed components of quality management and, in particular, the quality management process, would be applied in practice; and need for a more a principles-based approach in making revisions.

Key issues discussed relating to ISA 220 included the interaction of ISA 220 with ISQC 1 and other relevant ISAs; objective of the auditor under ISA 220; four-step approach proposed by the IAASB Task Force in addressing quality management at the engagement level; and impact of a proposed requirement regarding information sharing and communication between the firm and the engagement team.

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At its meeting on June 12-13, 2017, the AASB discussed issues identified in developing a revised standard to replace Section 9200, Compilation Engagements, including: (i) what should be included in the scope of the standard; (ii) whether quality control requirements should be applicable to compilation engagements; and (iii) the conditions leading to acceptance of a compilation engagement.

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At its meeting on June 12-13, 2017, the AASB approved a revised exposure draft of AuG-49, Reporting on Compliance with Specified Authorities for Transactions Coming to the Auditor’s Notice during the Audit of Financial Statements. The exposure draft was updated to align with revised CAS 700, Forming an Opinion and Reporting on Financial Statements, which the Board recently issued. The guideline would replace Auditing for Compliance with Legislative and Related Authorities in the Public Sector, paragraphs PS 5300.14-.16. The exposure draft is expected to be issued in July 2017 with a comment deadline of November 10, 2017.

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

At its meeting on June 12-13, 2017, the AASB approved a project proposal to revise Section 7500. The Board discussed the project scope and determined it should be limited to documents filed with securities regulators.

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