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New Auditor Reporting - AASB

Date recorded:

At its meeting on January 25-26, 2018, the AASB discussed issues related to the CASs on auditor reporting, including: (i) the results of a legal analysis of the implications of disclosing the engagement partner’s name in the Canadian auditor’s report; (ii) the hurdles identified in developing a combined American and Canadian auditor’s report for 2018 due to requirements in Canadian standards: (a) to disclose the engagement partner’s name in the auditor’s report; (b) for more extensive disclosures about management’s and the auditor’s responsibilities, as well as the location of this information; (c) for a new section dealing with reporting on other information; (d) for an affirmative statement that the auditor is independent; and (iii) the tentative decision to require key audit matter reporting for TSX-listed entities for years ending on or after December 15, 2020, the date when most U.S.-listed entities will be required to apply the U.S. concept similar to key audit matter reporting. The Board will continue to discuss these and other issues at future meetings.

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

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