Update of Public Sector Auditing Standards - AASB

Date recorded:

At its meeting on January 25-26, 2018, the AASB reviewed comments received from Canadian stakeholders on the 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. Key issues discussed included: (i) whether to make consequential amendments to CSRS 4460, Reports on Supplementary Matters Arising from an Audit or a Review Engagement, to address engagements under PS 5300, Auditing for Compliance with Legislative and Related Authorities in the Public Sector, paragraphs .17-.24; and (ii) the effective date of AuG-49 and whether to allow for early application. The Board reviewed changes made to AuG-49 in response to the comments received. The final Guideline is anticipated to be approved in the spring of 2018.

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

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