At its meeting on March 6-7, 2017, the AASB reviewed a draft response to 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.”  In the response, the AASB highlighted its perspective regarding: (i) the role of professional judgment in an agreed-upon procedures engagement; (ii) considerations related to the independence of the professional accountant; (iii) how to restrict the distribution of the agreed-upon procedures report; and (iv) whether there is a need to address multi-scope engagements as part of this project. The AASB’s response will be submitted by March 29, 2017.

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

At its meeting on March 6-7, 2017, the AASB reviewed the proposed AuG-49, Reporting on Compliance with Specified Authorities for Transactions Coming to the Auditor’s Notice during the Audit of Financial Statements, and discussed issues including: (i) the scope; (ii) the wording of the compliance opinion; and (iii) the form of the compliance report.

The AASB unanimously approved the exposure draft of proposed AuG-49.  This 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 May 2017 with a response date of August 28, 2017.

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

At its meeting on March 6-7, 2017, the AASB received a report on the feedback collected during the roundtables held with stakeholders on the Consultation Paper, “Compilation Engagements: Exploring Options for Change.”  Issues discussed by the AASB included: (i) the scope of a compilation engagement; and (ii) the compilation engagement report. The AASB will continue to discuss issues at its June 2017 meeting.

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