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Revisions to ISA 315 – AASB

Date recorded:

At its meeting on June 11-12, 2018, the AASB provided input to the CPA Canada nominee on the IAASB on issues related to the IAASB’s project to amend ISA 315 (Revised), including whether: (i) the exposure draft should include a requirement for the auditor to consider whether all significant classes of transactions, account balances and disclosures, and their relevant assertions, have been identified (referred to as the “stand-back” requirement); (ii) proposed conforming amendments are appropriate and complete; and (iii) the proposed exposure period and planned effective date of the final standard are appropriate. The IAASB expects to approve an exposure draft of revised ISA 315 in June 2018. The Board anticipates approving a Canadian exposure draft shortly thereafter. The Board also discussed items to include in the highlights summary that will accompany the exposure draft in Canada, the possible implementation risks associated with the revision of this standard, and the communication and outreach plan related to the exposure draft.

Consulter le résumé des décisions sur le site web du CNAC.

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