At its meeting on December 3-4, 2018, the AASB unanimously approved an exposure draft, “Communication of Key Audit Matters in the Auditor’s Report.” The exposure draft is expected to be issued in January 2019 and will have 90-day comment period.

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

At its meeting on December 3-4, 2018, the AASB provided input to the CPA Canada nominee on the International Auditing and Assurance Standards Board (IAASB) about issues related to the IAASB’s project to adopt: proposed ISQM 1, proposed ISQM 2, and proposed ISA 220. The IAASB is expected to approve the exposure drafts of ISQM 1, ISQM 2, and ISA 220 at its December 2018 meeting. The AASB reviewed a draft Canadian exposure draft that it expects to approve in January 2019.

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

At its meeting on December 3-4, 2018, the AASB unanimously approved Section 7170, Auditor's Consent to the Use of the Auditor's Report in Connection with Designated Documents, and consequential amendments. The Board concluded that the changes made in finalizing Section 7170 were not significant; therefore, re-exposure was unnecessary. The revisions will be effective for an auditor's consent issued on or after June 1, 2019. Once the Auditing and Assurance Standards Oversight Council (AASOC) confirms that due process was followed, the revisions will be included in a March 2019 Handbook update.

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